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Marginalia
Code · Kentucky · Chapter 272 — Cooperative corporations and associations

272.490 Members not liable for debts of association.

64 words·~1 min read·/ky/chapter-272/272-490

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)No member shall be liable for the debts of the association to an amount exceeding
the sum remaining unpaid on the member's membership fee, including any unpaid
balance on any promissory notes given in payment thereof.
(2)Subsection
(1)of this section shall not affect the liability of a member of an
association for his or her own negligence, wrongful acts, or misconduct.
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