(1) Subject to the provisions of sub-section (2), the liability of a past of the estate of a deceased member of a multi state cooperative society for the debts of the Society as they existed- (a) in the case of a past member, on the date on which he ceased to be a member; (b) in the case of a deceased member, on the date of his death, shall continue for a period of two years from such date.
(2) Notwithstanding anything contained in sub-section (1), where the cooperative society is ordered to be wound up under the society of a past member Who ceased to be a member or of the estate of a second member Who died within two years immediately preceding the date order of winding up, shall continue until the entire liquidation are completed, but such liability shall extend only to the debts of City as they existed on the date of cessation of member ship or death, as may be Where a co-operative society is ordered to be wound up under section 95, section 96 or section 97, the liability of a past member or of the estate of a deceased member who ceased to be a member or died within seven hundred and thirty days immediately preceding the date of the order of winding up shall continue until the entire liquidation proceedings are completed but such liability shall extend only to the debts of the co-operative society as they existed on the date of his ceasing to be a member or death, as the case may be. Notwithstanding anything contained in sub-section(1), where a multi state cooperative society is ordered to be wound up under section 77, the liability of a past member who ceased to be a member or of the estate of a deceased member who died within two years immediately preceding the date of the order of winding up, shall continue until the entire liquidation proceedings are completed but such liability shall extend only to the debts of the society as they existed on the date of cessation of membership or death, as the case may be In addition, many scam artists will read an obituary and then contact the deceased person’s relatives, posing as creditors.
They will try to get family members to provide Social Security numbers and other information, so that they can steal their identity. If the decedent had a life insurance policy with a designated beneficiary, then those life insurance proceeds would not have to be used to satisfy the decedent’s debt. The same goes for TOD (Transfer on Death) or POD (Payable on Death) assets. These kinds of accounts belong to the designated person. The beneficiary of such an account does not have to use these assets to satisfy estate debts. The same goes for joint accounts with rights of survivor ship in place of keeping and inspection of registers and returns of multi state cooperative society.