Montana § 35-18-302 Nonliability Of Members, Trustees, And Officers For Debts Of Cooperative

Montana Statutes

§ 35-18-302 — Nonliability Of Members, Trustees, And Officers For Debts Of Cooperative

Montana·Title 35 CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS·Ch. 18 RURAL COOPERATIVE UTILITIES·Part 3 Operation -- Members, Trustees, and Officers

35-18-302 . Nonliability of members, trustees, and officers for debts of cooperative.

(1)The private property of the members of a cooperative is exempt from execution for the debts of the cooperative, and a member is not liable or responsible for any debts or obligations of the cooperative.

(2)A trustee or officer of a cooperative or acting for a cooperative is not personally liable to the cooperative or its members for any actions taken or a failure to take action as a trustee or officer unless:

(a)the trustee or officer fails to perform the trustee's or officer's responsibilities, including those provided in 35-18-325 and 35-18-326 ; and

(b)the failure to perform constitutes willful misconduct or recklessness.

Free access — add to your briefcase to read the full text and ask questions with AI

35-18-302 . Nonliability of members, trustees, and officers for debts of cooperative. (1) The private property of the members of a cooperative is exempt from execution for the debts of the cooperative, and a member is not liable or responsible for any debts or obligations of the cooperative.
(2) A trustee or officer of a cooperative or acting for a cooperative is not personally liable to the cooperative or its members for any actions taken or a failure to take action as a trustee or officer unless:
(a) the trustee or officer fails to perform the trustee's or officer's responsibilities, including those provided in 35-18-325 and 35-18-326 ; and
(b) the failure to perform constitutes willful misconduct or recklessness.

Montana § 35-18-302 (Nonliability Of Members, Trustees, And Officers For Debts Of Cooperative) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.