Tennessee Code 65-29-123 – Nonliability of members for debts of cooperative
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Terms Used In Tennessee Code 65-29-123
- Member: means each incorporator of a cooperative and each person admitted to and retaining membership in the cooperative, and includes a husband and wife admitted to joint membership. See Tennessee Code 65-29-103
- Property: includes both personal and real property. See Tennessee Code 1-3-105
The private property of the members of a cooperative shall be exempt from execution for the debts of the cooperative, and no member shall be liable or responsible for any debts of the cooperative.