21-2979. Contribution agreements.
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/ne/chapter-21/21-2979A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.