Utah Code 16-16-504. No liability as member for association’s obligations
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Terms Used In Utah Code 16-16-504
- 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.
Unless the articles of organization otherwise provide, a debt, obligation, or other liability of a limited cooperative association is solely that of the association and is not the debt, obligation, or liability of a member solely by reason of being a member.
Enacted by Chapter 363, 2008 General Session