27-28-506. Refusal to deliver assets or papers to trustees — punishment for contempt — liability. An officer of the corporation who refuses or neglects to deliver over any money or other things pursuant to the demand is considered guilty of a contempt of court and shall be fined an amount not exceeding $10,000 and imprisoned in the jail of the proper county until the officer complies with the order of the court or is otherwise discharged by due course of law. The officer is liable to the trustees for the value of all money or other things refused or neglected to be surrendered, together with all damages that have been sustained by the stockholders and creditors of the corporation, or any of them, in consequence of the neglect or refusal.

Terms Used In Montana Code 27-28-506

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.