Vermont § 1003 - Contribution agreements
Full text of Vermont Vermont Statutes Online § 1003 — Contribution agreements, with citation guidance and answers to common questions.
§ 1003. Contribution agreements
- (a) Except as otherwise provided in the agreement, the following rules apply to an agreement
made by a person before formation of a mutual benefit enterprise to make a contribution
to the enterprise: (1) The agreement is irrevocable for six months after the agreement is signed by the person
unless all parties to the agreement consent to the revocation. (2) If a person does not make a required contribution: (A) the person is obligated, at the option of the enterprise, once formed, to contribute
money equal to the value of that part of the contribution that has not been made,
and the obligation may be enforced as a debt to the enterprise; or (B) the enterprise, once formed, may rescind the agreement if the debt remains unpaid
more than 20 days after the enterprise demands payment from the person and, upon rescission,
the person has no further rights or obligations with respect to the enterprise. (b) Unless the organic rules or an agreement to make a contribution to a mutual benefit
enterprise otherwise provide, if a person does not make a required contribution to
an enterprise, the person or the person’s estate is obligated, at the option of the
enterprise, to contribute money equal to the value of the part of the contribution
which has not been made. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
Frequently Asked Questions About Vermont § 1003
What does Vermont Statutes Online § 1003 cover?
Section 1003 ("Contribution agreements") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 1003?
A common citation format is "Vermont Statutes Online § 1003" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 1003 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.