Minnesota Statutes 308B.505 – Member Not Liable for Cooperative Debts
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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.
Terms Used In Minnesota Statutes 308B.505
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.