superadded liability

superadded liability
A personal liability, otherwise known as double liability, once imposed quite generally in this country by constitutional or statutory provisions upon stockholders in banks or business corporations, such being a liability of a stockholder for debts or obligations of the banking or other corporation to the extent of the par value of the stock held by him. 10 Am J2d Banks § 73; 19 Am J2d Corp § 778. At the present time, in practically all American jurisdictions, constitutional and statutory provisions imposing such liability for the general debts incurred by corporations, including banking corporations, either have been abolished or a constitutional or statutory provision declares that stockholders shall not be individually liable as such otherwise than for the unpaid shares owned by them. 19 Am J2d Corp § 775.

Ballentine's law dictionary. . 1998.

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