US Laws, Codes, Statutes & Cases

                                  TITLE  45
                         LIENS, MORTGAGES AND PLEDGES
                                  CHAPTER 8
                             MISCELLANEOUS LIENS
    45-809.  LIEN FOR COOPERATIVE CORPORATIONS OR ASSOCIATIONS. Any
cooperative corporation, as defined by Idaho Code, which provides goods or
services to any person, firm or corporation, may set off any equity interest
owned by such person, firm or corporation in the cooperative as a means of
collecting obligations owed to it for such goods or services. Equity shall
include, but not be limited to, membership stock, capital credits, accounts
representing capital credits, capital stock or patronage credits. The
cooperative shall have a lien on and a continuing perfected security interest
in such equity to secure payment of any indebtedness, whenever incurred, owed
to the cooperative by the person, firm or corporation receiving goods or
services. Such lien and continuing perfected security interest may be enforced
by right of offset when it becomes due and payable under the articles or
bylaws of the cooperative. The cooperative's right of offset shall not entitle
the debtor to set off its obligations against equity interest it owns in the
cooperative which are not yet an obligation of the cooperative payable under
the article or bylaws of the cooperative.