609.07 Issuance of certain units, shares, certificates, or other security.
131 words·~1 min read·
/fl/title-xxxvi/chapter-609/609-07A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The declaration of trust may provide that the units, shares, certificates of beneficial ownership or interest, or other security issued, or to be issued, in accordance with the provisions thereof shall be fully paid and nonassessable. When the declaration of trust so provides, every holder of any such unit, share, certificate of beneficial ownership or interest, or other security issued by the trust, who has not paid in full the sum agreed to be paid for each unit, share, certificate of beneficial ownership or interest, or other security, shall be personally liable to the trust, or to its creditors, as the case may be, in an amount equal to the portion of said sum remaining unpaid.
Such holders shall not otherwise be liable for any debt or obligation of the trust.