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Montana Title 35. Corporations, Partnerships, and Associations § 35-18-302. Nonliability of members, trustees, and officers for debts of cooperative

Current as of January 01, 2024 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Montana Title 35. Corporations, Partnerships, and Associations § 35-18-302. Nonliability of members, trustees, and officers for debts of cooperative - last updated January 01, 2024 | https://codes.findlaw.com/mt/title-35-corporations-partnerships-and-associations/mt-st-35-18-302/

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