Nebraska Statutes 21-2990. Distribution of assets in winding up limited cooperative association
(1) In winding up a limited cooperative association’s business, unless otherwise stated in the articles of organization or bylaws, the assets of the limited cooperative association shall be applied to discharge its obligations to creditors, including members who are creditors. Any remaining assets shall be applied to pay in money the net amount distributable to members in accordance with their right to distributions under subsection (2) of this section.
Terms Used In Nebraska Statutes 21-2990
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Organization: means a limited cooperative association, limited cooperative association governed by a law other than the Nebraska Limited Cooperative Association Act, a general partnership, a limited liability partnership, a limited partnership, a limited liability company, a business trust, a corporation, a cooperative, or any other person having a governing statute. See Nebraska Statutes 21-29,117
(2) Each member is entitled to a distribution from the limited cooperative association of any remaining assets in the proportion of the member’s financial interests to the total financial interests of members of the limited cooperative association after all other obligations are satisfied.