A member or stockholder is not liable for the debts of the association to an amount which exceeds the sum which remains unpaid on his membership fee or his subscription to the capital stock, including any unpaid balance on any promissory note which is given in payment of the membership fee or the subscription to the capital stock.
Cal. Food & Agric. Code § 54239
Members
Applied in 1 court decision — leading case Carlin v. DairyAmerica, Inc. (2013)
Most recently applied in Carlin v. DairyAmerica, Inc. (October 2013)
Enacted by Stats. 1967, Ch. 15.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.