Statutes > Iowa Statutes > Title 12 - Business Entities > Subtitle 3 - Associations > CHAPTER 501A - COOPERATIVE ASSOCIATIONS ACT > 501A.802 - MEMBER LIABILITY.

501A.802 - MEMBER LIABILITY.

        501A.802  MEMBER LIABILITY.         A member is not, merely on the account of that status, personally      liable for the acts, debts, liabilities, or obligations of a      cooperative.  A member is liable for any unpaid subscription for the      membership interest, unpaid membership fees, or a debt for which the      member has separately contracted with the cooperative.
         Section History: Recent Form
         2005 Acts, ch 135, §52         See also §501A.714