Tennessee Code 43-16-125 – Liability of members for debts
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Terms Used In Tennessee Code 43-16-125
- Association: means any corporation organized under this chapter. See Tennessee Code 43-16-103
- Member: includes actual members of associations without capital stock, and holders of common stock in associations organized with capital stock. See Tennessee Code 43-16-103
- Subscription: includes a mark, the name being written near the mark and witnessed. See Tennessee Code 1-3-105
No member shall be liable for the debts of the association to an amount exceeding the sum remaining unpaid on the member’s membership fee or the member’s subscription to the capital stock, including any unpaid balance on any promissory notes given in payment of that amount.