§ 12442
77 words·~1 min read·
/ca/corporations-code/12442A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A person holding a membership as pledgee or a membership as executor, administrator, guardian, trustee, receiver or in any representative or fiduciary capacity is not personally liable for any unpaid balance of the purchase price of the membership, or for any amount owing to the corporation by the member, because the membership is so held, but the estate and funds in the hands of such fiduciary or representative are liable and the membership subject to sale therefor.