Montana Code 33-2-1357. Personal liability
33-2-1357. Personal liability. (1) Every officer, manager, employee, shareholder, member, subscriber, attorney, or any other person acting on behalf of the insurer who knowingly participates in giving any preference when the individual has reasonable cause to believe the insurer is or is about to become insolvent at the time of the preference is personally liable to the liquidator for the amount of the preference. It is permissible to infer that there is reasonable cause to so believe if the transfer was made within 4 months before the date of filing of a successful petition for liquidation.
Terms Used In Montana Code 33-2-1357
- Knowingly: means only a knowledge that the facts exist which bring the act or omission within the provisions of this code. See Montana Code 1-1-204
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Property: means real and personal property. See Montana Code 1-1-205
(2)Every person receiving any property from the insurer or the benefit of the property as a preference voidable under 33-2-1353(1) is personally liable and is bound to account to the liquidator.
(3)This section does not prejudice any other claim by the liquidator against any person.