stockholder's secondary liability
- stockholder's secondary liability
-
The liability of a stockholder to a creditor of the corporation under former statutes, such liability arising upon the exhaustion of all remedies against the corporation for the collection of the debt, at least not before the return unsatisfied of an execution taken out upon a judgment obtained against the corporation upon the debt. See stockholder's liability.
Ballentine's law dictionary.
Anderson, W.S..
1998.
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