Each member in a stock association shall have a proportionate proprietary interest in its assets and net earnings subordinate to the claims of its creditors with priorities as established by this chapter.
RCW 33.48.080
Member's proprietary interest—Subordinate to claims of creditors.
Applied in 3 court decisions — leading case Paulsen v. Commissioner (1985)
Most recently applied in Paulsen v. Commissioner (January 1985)
1982 c 3 s 94; 1969 c 107 s 8; 1967 c 49 s 6; 1955 c 122 s 9.
Official source: Washington State Legislature. Reproduced from public-domain Washington statutes; confirm against the official source for the current text. Not legal advice.