There Is a Newer Version
of
the Massachusetts General Laws
2012 Massachusetts General Laws
PART I ADMINISTRATION OF THE GOVERNMENT(Chapters 1 through 182)
TITLE XXII CORPORATIONS
CHAPTER 155 GENERAL PROVISIONS RELATIVE TO CORPORATIONS
Section 53 Payment of debts; distribution of surplus
Universal Citation:
MA Gen L ch 155 § 53
Learn more
This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
Section 53. The receivers shall pay all debts due from the corporation if the funds in their hands are sufficient therefor; and if they are not, they shall distribute them ratably among the creditors who prove their debts in the manner directed by any decree of the court for that purpose. If there is a balance remaining after the payment of the debts, the receivers shall distribute and pay it to those who are justly entitled thereto as having been stockholders or members of the corporation, or their legal representatives.
Disclaimer: These codes may not be the most recent version. Massachusetts may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
