Sec. 3625. (1) In all cases in which the directors or other officers of a corporation, or the stockholders thereof, are parties to the action in which judgment is rendered, if the property of such corporation is insufficient to discharge its debts, the court shall proceed to compel each stockholder to pay in the amount due and remaining unpaid on the shares of the stock held by him, or so much thereof as is necessary to satisfy the debts of the company. (2) If the debts of the company remain unsatisfied, the court shall proceed to ascertain the respective liabilities of the directors or other officers, and of the stockholders, and to adjudge the amount payable by each.
Mich. Comp. Laws § 600.3625
Debt; enforcement of payment; stock subscriptions; determination of liability
Applied in 1 court decision — leading case 156 Mich. App. 330 - Christner v. ANDERSON, NIETZKE & COMPANY, PC (1986)
Most recently applied in 156 Mich. App. 330 - Christner v. ANDERSON, NIETZKE & COMPANY, PC (November 1986)
1961, Act 236, Eff
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.