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.