{"data":{"id":"us-vt/11c-v.s.a.-604","jurisdiction":"us-vt","citation":"11C V.S.A. § 604","heading":"Security interest and set-off","body":"(a) A member or transferee may create an enforceable security interest in its financial rights in a mutual benefit enterprise.\n(b) Unless the organic rules otherwise provide, a member may not create an enforceable security interest in the member’s governance rights in a mutual benefit enterprise.\n(c) The organic rules may provide that a mutual benefit enterprise has a security interest in the financial rights of a member to secure payment of any indebtedness or other obligation of the member to the enterprise. A security interest provided for in the organic rules is enforceable under and governed by 9A V.S.A. article 9.\n(d) Unless the organic rules otherwise provide, a member may not compel the mutual benefit enterprise to offset financial rights against any indebtedness or obligation owed to the enterprise.","path":["Title 11C: Mutual Benefit Enterprises","Chapter 006: Member's Interest in Mutual Benefit Enterprise"],"source_url":"https://legislature.vermont.gov/statutes/section/11C/006/00604","current_through":"2025 session","vintage":"","retrieved_at":"2026-09-05T16:23:27Z","sha256":"76a8f25077d8ae0ffb79c73a7c29a9d5d28b827b94f2368dfa26d36124a6b210","source_id":"us-vt","stale":false,"prev":"us-vt/11c-v.s.a.-603","next":"us-vt/11c-v.s.a.-605"},"notice":"GroundRules: Original legal text. Not legal advice."}