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Statutes > Minnesota Laws > Chapters 300 - 319B Corporations > Chapter 308B Cooperative Associations > Section 308B.505 Member Not Liable for Cooperative Debts

STATE STATUTES & CODES

MINNESOTA STATUTES AND CODES

Section 308B.505 Member Not Liable for Cooperative Debts

308B.505 MEMBER NOT LIABLE FOR COOPERATIVE DEBTS.

A member is not, merely on the account of that status, personally liable for the acts, debts, liabilities, or obligations of a cooperative. A member is liable for any unpaid subscription for the membership interest, unpaid membership fees, or a debt for which the member has separately contracted with the cooperative.

History:

2003 c 105 art 1 s 39

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