Oregon Statutes - Chapter 65 - Nonprofit Corporations - Section 65.157 - Creditor’s action against member.

(1) No proceeding may be brought by a creditor to reach the liability, if any, of a member to the corporation arising from membership unless final judgment has been rendered in favor of the creditor against the corporation and execution has been returned unsatisfied in whole or in part or unless obtaining such judgment and execution would be useless.

(2) All creditors of the corporation, with or without reducing their claims to judgment, may intervene in any creditor’s proceeding brought under subsection (1) of this section to reach and apply unpaid amounts due the corporation. Any or all members who owe amounts to the corporation arising from membership may be joined in such proceeding. [1989 c.1010 §46]

(Resignation and Termination)

Section:  Previous  65.131  65.134  65.137  65.144  65.147  65.151  65.154  65.157  65.164  65.167  65.171  65.174  65.177  65.201  65.204  Next

Last modified: August 7, 2008