21-2979 Contribution agreements. - Nebraska Statutes

21-2979. Contribution agreements.(1) A contribution agreement entered into before formation of the limited cooperative association is irrevocable for six months unless:(a) Otherwise provided by the agreement; or(b) All parties to the agreement consent to the revocation.(2) Upon default by a party to a contribution agreement entered into before formation, the limited cooperative association, once formed, may:(a) Collect the amount owed as any other debt; or(b) Unless otherwise provided in the agreement, rescind the agreement if the debt remains unpaid more than twenty days after the limited cooperative association demands payment from the party in a record. SourceLaws 2007, LB368, § 79.