Liability of Members

Cal. CORP § 12455

California Statutes

(

a) Any person who with knowledge of facts indicating the impropriety thereof receives any distribution, including a payment in redemption of a membership, prohibited by this

chapter is liable to the corporation for the amount so received by the person with interest thereon at the legal rate on judgments until paid. (

b) Any person who with knowledge of facts indicating the impropriety thereof receives any distribution, including a payment in redemption of a membership, prohibited by this

chapter is liable to the corporation for the benefit of all of the creditors entitled to institute an action under subdivision (

c) for the amount so received by the person with interest thereon at the legal rate on judgments until paid, but not exceeding the liabilities of the corporation owed to nonconsenting creditors at the time of the violation. (

c) Suit may be brought in the name of the corporation to enforce the liability to creditors arising under subdivision (

b) for a violation of

Section or against any or all persons liable by any one or more creditors of the corporation whose debts or claims arose prior to the time of the distribution and who have not consented thereto, whether or not they have reduced their claims to judgment. (

d) Any person sued under subdivision (

b) may implead all other persons liable under subdivision (

b) and may in the absence of fraud by the moving party compel contribution, either in that action or in an independent action against persons not joined in that action.

Document details

CollectionCalifornia Statutes
CitationCal. CORP § 12455
Typestatute
Languageen
SourceCA_STAT
IdentifierCORP12455.198481217

Liability of Members

Cal. CORP § 12455

California Statutes

Liability of Members

Cal. CORP § 12455

California Statutes

(

a) Any person who with knowledge of facts indicating the impropriety thereof receives any distribution, including a payment in redemption of a membership, prohibited by this

chapter is liable to the corporation for the amount so received by the person with interest thereon at the legal rate on judgments until paid. (

b) Any person who with knowledge of facts indicating the impropriety thereof receives any distribution, including a payment in redemption of a membership, prohibited by this

chapter is liable to the corporation for the benefit of all of the creditors entitled to institute an action under subdivision (

c) for the amount so received by the person with interest thereon at the legal rate on judgments until paid, but not exceeding the liabilities of the corporation owed to nonconsenting creditors at the time of the violation. (

c) Suit may be brought in the name of the corporation to enforce the liability to creditors arising under subdivision (

b) for a violation of

Section or against any or all persons liable by any one or more creditors of the corporation whose debts or claims arose prior to the time of the distribution and who have not consented thereto, whether or not they have reduced their claims to judgment. (

d) Any person sued under subdivision (

b) may implead all other persons liable under subdivision (

b) and may in the absence of fraud by the moving party compel contribution, either in that action or in an independent action against persons not joined in that action.

Document details

CollectionCalifornia Statutes
CitationCal. CORP § 12455
Typestatute
Languageen
SourceCA_STAT
IdentifierCORP12455.198481217