Massachusetts General Laws ch. 165 sec. 21 – Continuing liability on contracts after dissolution
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Section 21. Contracts made by or with such a corporation shall remain in force after its dissolution, and the shareholders at such dissolution shall continue liable and capable as a corporation in all its suits relative to such contracts until they are performed, if suit is commenced within six years after the dissolution or after the right of action accrued.
Terms Used In Massachusetts General Laws ch. 165 sec. 21
- 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.