Terms Used In Kentucky Statutes > Chapter 272A > Subchapter 6 - Member's Interest in Limited Cooperative Association

• Administrative body: means each state board, bureau, cabinet, commission, department, authority, officer, or other entity, except the General Assembly and the Court of Justice, authorized by law to promulgate administrative regulations. See Kentucky Statutes 13A.010
• Administrative regulation: means each statement of general applicability promulgated by an administrative body that implements, interprets, or prescribes law or policy, or describes the organization, procedure, or practice requirements of any administrative body. See Kentucky Statutes 13A.010
• Commission: means the Legislative Research Commission. See Kentucky Statutes 13A.010
• Cooperative: means a limited cooperative association or an entity organized under any cooperative law of any jurisdiction. See Kentucky Statutes 272A.1-020
• Financial rights: means the right to participate in allocations and distributions as provided in Subchapters 10 and 12 of this chapter, but does not include rights or obligations under a marketing contract governed by Subchapter 7 of this chapter. See Kentucky Statutes 272A.1-020
• 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}
• Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
• Governance rights: means the right to participate in governance of a limited cooperative association. See Kentucky Statutes 272A.1-020
• Investor member: means a member that has made a contribution to a limited cooperative association and:
  (a) Is not required by the organic rules to conduct patronage with the association in the member's capacity as an investor member in order to receive the member's interest. See Kentucky Statutes 272A.1-020
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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 limited cooperative association. See Kentucky Statutes 272A.1-020
• 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.
• Patron member: means a member that has made a contribution to a limited cooperative association and:
  (a) Is required by the organic rules to conduct patronage with the association in the member's capacity as a patron member in order to receive the member's interest. See Kentucky Statutes 272A.1-020
• Personal property: All property that is not real property.
• State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
• Transfer: includes an assignment, conveyance, deed, bill of sale, lease, mortgage, security interest, encumbrance, gift, and transfer by operation of law. See Kentucky Statutes 272A.1-020
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}