Wisconsin Statutes 181.0614 – Creditor’s action against member
Current as of: 2023 | Check for updates
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Terms Used In Wisconsin Statutes 181.0614
- 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.
(1) Final judgment required. A proceeding may not be brought by a creditor to reach the liability, if any, of a member under s. 181.0613 to the corporation unless final judgment has been rendered in favor of the creditor against the corporation.
(2) Intervention and joinder. A creditor of the corporation, with or without reducing the creditor’s claim to judgment, may intervene in a creditor’s proceeding brought under sub. (1) to reach and apply unpaid amounts due the corporation. Any member who owes an amount to the corporation may be joined in the proceeding.