Montana Code 35-14-622. Liability of shareholders
35-14-622. Liability of shareholders. (1) A purchaser from a corporation of the corporation’s own shares is not liable to the corporation or its creditors with respect to the shares except to pay the consideration for which the shares were authorized to be issued or specified in the subscription agreement.
Terms Used In Montana Code 35-14-622
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- subscription: includes the mark of a person who cannot write if the person's name is written near the mark by another person who also signs that person's own name as a witness. See Montana Code 1-1-203
(2)A shareholder of a corporation is not personally liable for any liabilities of the corporation, including liabilities arising from acts of the corporation, except:
(a)to the extent provided in a provision of the articles of incorporation permitted by 35-14-202(2)(b)(v); and
(b)that a shareholder may become personally liable by reason of the shareholder’s own acts or conduct.