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

Montana Code Annotated 2017

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.