A member is not, merely on account of that status, personally liable for the acts, debts, liabilities, or obligations of a cooperative. A member is liable for any unpaid subscription for the membership interest, unpaid membership fees, or a debt for which the member has separately contracted with the cooperative.
Tenn. Code Ann. § 43-38-529
Member liability
Known as the Tennessee Processing Cooperative Law
The act spans §§ 43-38-1001 to 43-38-904 (150 sections).
Acts 2004, ch. 534, § 22.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.