2009 Nebraska Code
Chapter 21 CORPORATIONS AND OTHER COMPANIES
21-2979 Contribution agreements.
21-2979.
Contribution agreements.(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.
Source-
Laws 2007, LB368, ยง 79.
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