21-2990. Distribution of assets in winding up limited cooperative association.
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/ne/chapter-21/21-2990A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)In winding up a limited cooperative association's business, unless otherwise stated in the articles of organization or bylaws, the assets of the limited cooperative association shall be applied to discharge its obligations to creditors, including members who are creditors. Any remaining assets shall be applied to pay in money the net amount distributable to members in accordance with their right to distributions under subsection
(2)of this section.
(2)Each member is entitled to a distribution from the limited cooperative association of any remaining assets in the proportion of the member's financial interests to the total financial interests of members of the limited cooperative association after all other obligations are satisfied.