§ 55A-6-24. Creditor's action against member.

122 words·~1 min read·/nc/chapter-55a/55a-6-24

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A creditor of a corporation shall not bring a proceeding to enforce any liability of a member to the corporation unless final judgment has been rendered in favor of the creditor against the corporation and execution has been returned unsatisfied in whole or in part or unless a proceeding against the corporation would be futile.

(b)All creditors of the corporation, with or without reducing their claims to judgment, may intervene in any creditor's proceeding brought under subsection

(a)of this section to collect and apply the proceeds of obligations owed to the corporation. Any or all members who are indebted to the corporation may be joined in such proceeding. (1993, c. 398, s. 1.)