Vermont Statutes Title 11 Sec. 1587
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Vermont Statutes Title 11 Sec. 1587
- Cooperative interest: means the ownership interest in a cooperative housing corporation which is evidenced by a membership share. See
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
§ 1587. Perfection of security interests in cooperative interests
(a) A security interest in a cooperative interest shall attach, be perfected, and be enforceable as provided in 9A V.S.A. Article 9.
(b) On request of a secured party, a cooperative housing corporation shall note on its books and records the interest of the secured party in a cooperative interest. No such request or notation is required in order to perfect a security interest in a cooperative interest. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)