2010 Wisconsin Code
Chapter 180. Business corporations.
180.0622 Liability of shareholders, transferees and others.

180.0622

180.0622 Liability of shareholders, transferees and others.

180.0622(1)

(1) A purchaser from a corporation of the corporation's shares is not liable to the corporation or its creditors with respect to the shares except to pay the consideration for which the shares were authorized to be issued or the consideration specified in the subscription agreement entered into before incorporation.

180.0622(2)

(2) Unless otherwise provided in the articles of incorporation, a shareholder of a corporation is not personally liable for the acts or debts of the corporation, except that a shareholder may become personally liable by his or her acts or conduct other than as a shareholder.

180.0622(3)

(3) A person who becomes a transferee of shares in good faith and without knowledge that the consideration determined for the shares or specified in the subscription agreement entered into before incorporation has not been paid is not personally liable for any unpaid portion of the consideration.

180.0622(4)

(4)

180.0622(4)(a)

(a) In this subsection, "fiduciary" means a personal representative, conservator, guardian, trustee, assignee for the benefit of creditors, or receiver.

180.0622(4)(b)

(b) A fiduciary is not personally liable as a holder of or subscriber to shares of a corporation, but the estate and funds in the fiduciary's hands are so liable. A pledgee or other holder of shares as collateral security is not personally liable as a shareholder.

180.0622 - ANNOT.

History: 1989 a. 303; 2001 a. 102; 2005 a. 474.

180.0622 - ANNOT.

Personal Liability for Corporate Debt. Kelley. Wis. Law. Oct. 1994.

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