351.280. When execution may be levied against shareholders. - Missouri Statutes

When execution may be levied against shareholders.

351.280. If any execution shall have been issued against anycorporation, and there cannot be found any property or effectswhereon to levy the same, then such execution may be issuedagainst any of the shareholders to the extent of the amount ofthe unpaid balance of such shares by him or her owned; provided,always, that no execution shall issue against any shareholderexcept upon an order of the court in which the action, suit orother proceedings shall have been brought or instituted, madeupon motion in open court, after sufficient notice, in writing,to the person sought to be charged; and, upon such motion, suchcourt may order execution to issue accordingly; and providedfurther, that no shareholder shall be individually liable in anyamount over and above the amount of shares owned.

(RSMo 1939 § 5048, A.L. 1943 p. 410 § 15)

Prior revisions: 1929 § 4572; 1919 § 9764; 1909 § 3004