Sections
§ 601 Member’s interest
§ 602 Patron and investor member’s interests
§ 603 Transferability of member’s interest
§ 604 Security interest and set-off
§ 605 Charging orders for judgment creditor of member or transferee

Terms Used In Vermont Statutes > Title 11C > Chapter 6 - Member's Interest in Mutual Benefit Enterprise

  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Investor member: means a member that has made a contribution to a mutual benefit enterprise and:

  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Member: means a person that is admitted as a patron member or investor member or both in a mutual benefit enterprise. See
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mutual benefit enterprise: means an enterprise organized under this title. See
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Organic rules: means the articles of organization and bylaws of a mutual benefit enterprise. See
  • Patron member: means a member that has made a contribution to a mutual benefit enterprise and:

  • Person: means an individual; corporation; business trust; cooperative; estate; trust; partnership; limited partnership; limited liability company; mutual benefit enterprise; joint venture; association; public corporation; government or governmental subdivision, agency, or instrumentality; or any other legal or commercial entity. See
  • Personal property: All property that is not real property.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Transfer: includes an assignment, conveyance, deed, bill of sale, lease, mortgage, security interest, encumbrance, gift, and transfer by operation of law. See
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trustee: A person or institution holding and administering property in trust.
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.