(a) A holder of or subscriber to shares of a corporation is under no obligation to the corporation or its creditors as holder or subscriber with respect to the shares other than the obligation to pay the corporation the full consideration for which the shares were issued or to be issued.
(b) An assignee or transferee of shares, or of a subscription for shares, in good faith and without knowledge or notice that the full consideration has not been paid, is not personally liable to the corporation or its creditors for any unpaid portion of the consideration.
(c) An executor, administrator, conservator, guardian, trustee, assignee for the benefit of creditors, or receiver is not personally liable to the corporation or its creditors for any unpaid portion of the consideration.
(d) A pledgee or other holder of shares as collateral security is not personally liable as a shareholder.
Section: Previous 10.06.411 10.06.413 10.06.415 10.06.418 10.06.420 10.06.421 10.06.423 10.06.424 10.06.425 10.06.428 10.06.430 10.06.433 10.06.435 10.06.438Last modified: November 15, 2016