Stockholder's liability
Defined in 2 dictionaries — Case Law, Ballentine's (1916)
Definitions from Case Law
From 234 U.S. 652 - Selig v. Hamilton · 1914Most cited · 117 citing opinions
The liability of the stockholder, measured by the par value of his stock, is not to the corporation, but to the creditors collectively; is not penal, but contractual; is not joint, but several; and the mode and means of its enforcement are subject to legislative regulation.
Ballentine's Law Dictionary
James A. Ballentine · 1916
A stockholder’s statutory liability for obligations incurred by the corporation.