Sec. 15. The stockholders of every company organized in pursuance of this act shall be jointly and severally personally liable for the payment of all debts and demands against such association, which shall be contracted or which shall be or shall become due during the time of their holding such stocks for any labor or services done or performed for such company, but no stockholder shall be proceeded against for the collection of any debt or demand against such company until execution on judgment for such labor and services shall have been returned unsatisfied, or unless such association shall be dissolved.
Mich. Comp. Laws § 486.65
Stockholder's liability; recovery prerequisites
Applied in 1 court decision — leading case John Richards Homes Building Co. v. Adell Broadcasting Corp. (In Re John Richards Homes Building Co.) (2009)
Most recently applied in John Richards Homes Building Co. v. Adell Broadcasting Corp. (In Re John Richards Homes Building Co.) (March 2009)
1883, Act 39, Imd
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.