2025 Session
Last amended: 1981 session
§ 302A.425 — Liability of Subscribers and Shareholders With Respect to Shares
Plain-Language Summary
Sets rules for shareholder liability related to paying for shares.
302A.425 LIABILITY OF SUBSCRIBERS AND SHAREHOLDERS WITH RESPECT TO SHARES.
A subscriber for shares or a shareholder of a corporation is under no obligation to the corporation or its creditors with respect to the shares subscribed for or owned, except to pay to the corporation the full consideration for which the shares are issued or to be issued.
History:
History: History:
1981 c 270 s 63
Practical Notes
Shareholders are only liable up to the amount they agreed to pay for their shares.