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Current as of January 01, 2024 | Updated by Findlaw Staff
(1) A contribution agreement entered into before formation of the limited cooperative association is irrevocable for six months unless:
(a) Otherwise provided by the agreement; or
(b) All parties to the agreement consent to the revocation.
(2) Upon default by a party to a contribution agreement entered into before formation, the limited cooperative association, once formed, may:
(a) Collect the amount owed as any other debt; or
(b) Unless otherwise provided in the agreement, rescind the agreement if the debt remains unpaid more than twenty days after the limited cooperative association demands payment from the party in a record.
Cite this article: FindLaw.com - Nebraska Revised Statutes Chapter 21. Corporations and Other Companies § 21-2979. Contribution agreements - last updated January 01, 2024 | https://codes.findlaw.com/ne/chapter-21-corporations-and-other-companies/ne-rev-st-sect-21-2979/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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