California · Corporations Code
CORP §413: A person holding shares as pledgee, executor, administrator, guardian, conservator, trustee, receiver or in any representative or fiduciary capacity is not personally liable for any unpaid balance of
What this law says, in plain English
A person holding shares in a fiduciary or representative capacity is not personally liable for unpaid share balances.
Read the full statutory text
A person holding shares as pledgee, executor, administrator, guardian, conservator, trustee, receiver or in any representative or fiduciary capacity is not personally liable for any unpaid balance of the subscription price of the shares because the shares are so held but the estate and funds in the hands of such fiduciary or representative are liable and the shares are subject to sale therefor.
Verify at the official source: California legislative text
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