§ 5-6B-17. Perfection of security interests and cooperative interests

   (a) Applicability of Title 9 of Commercial Law Article. -- Except as provided in subsection (b) of this section, a security interest in a cooperative interest shall attach, be perfected, and be enforceable as provided in Title 9 of the Commercial Law Article.

(b) Possession of membership certificate or filing financial statement. -- The security interest may be perfected by the secured party's taking possession of the membership certificate or by filing a financing statement as provided in Title 9 of the Commercial Law Article.

(c) Interests of secured party noted on books and records of cooperative housing corporation. -- On request of a secured party, the cooperative housing corporation shall note on its books and records the interest of the secured party in the cooperative interest.

HISTORY: 1986, chs. 833, 834.