Nebraska Statutes 21-2983. Effect of dissociation as member
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(1) Upon a person‘s dissociation as a member:
Terms Used In Nebraska Statutes 21-2983
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
(a) A person dissociated pursuant to section 21-2982 does not have further rights as a member; and
(b) Subject to sections 21-2947 and 21-2948, any financial rights owned by the person in the person’s capacity as a member immediately before dissociation are owned by the person as a transferee who is not admitted as a member after dissociation.
(2) A person’s dissociation as a member does not of itself discharge the person from any obligation to the limited cooperative association which the person incurred while a member.