Creditors of the Wisconsin Cooperative Mille Pool filed a petition asking that the milk pool be adjudicated an involuntary bankrupt. This co-operative association was organized under Wisconsin statutes to operate on a nonstock, nonprofit basis as the exclusive marketing agent for its members. The pool also marketed the products of patrons who were not members of the pool; however, sixty-five per cent of its patrons were active members. Held, the association was not a "moneyed, business, or commercial corporation" and hence was not amenable to adjudication as an involuntary bankrupt/ despite the fact that it was engaged in business pursuits and received income from various sources. In re Wisconsin Co-operative Milk Pool, (D. C. Wis. 1940) 35 F. Supp. 787.
Kenneth J. Nordstrom,
BANKRUPTCY - AMENABILITY OF FARMERS' MARKETING CO-OPERATIVES TO INVOLUNTARY PROCEEDINGS,
Mich. L. Rev.
Available at: https://repository.law.umich.edu/mlr/vol39/iss6/10