1. MCA Contents
  2. TITLE 35
  3. CHAPTER 15
  4. Part 4
  5. 35-15-404 Share exempt from attachment and execution -- sale upon death of member

TITLE 35. CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS

CHAPTER 15. COOPERATIVE ASSOCIATIONS

Part 4. Shares, Dividends, and Distributions

Share Exempt From Attachment And Execution -- Sale Upon Death Of Member

35-15-404. Share exempt from attachment and execution -- sale upon death of member. (1) The share, not exceeding the par value of $500, of each member is exempt from seizure on attachment or sale under execution.

(2) Upon a member's death, the share must be sold by the association and the proceeds, after deducting all liabilities to the association, must be delivered to the deceased member's heirs.

History: En. Sec. 878, Civ. C. 1895; re-en. Sec. 4218, Rev. C. 1907; amd. Sec. 2, Ch. 3, L. 1909; re-en. Sec. 6383, R.C.M. 1921; re-en. Sec. 6383, R.C.M. 1935; R.C.M. 1947, 14-209; amd. Sec. 1321, Ch. 56, L. 2009.