Section 7-58-1102 - Effect of dissociation as member

(1) Upon a member's dissociation, subject to section 7-58-1103: (a) The dissociated member has no further rights as a member; and(b) Any financial rights owned by the dissociated member in the dissociated member's capacity as a member immediately before dissociation are owned by the dissociated member as a transferee.(2) A dissociated member's dissociation as a member does not of itself discharge the dissociated member from any debt, obligation, or liability to the limited cooperative association that the dissociated member incurred under the articles or bylaws, by contract, or by other means while a member.L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 803, § 1, effective 4/2/2012.