56-20-107 - Collection of assessments by officers Individual liability for neglect. - Tennessee Statutes

56-20-107. Collection of assessments by officers Individual liability for neglect.

The officers of every corporation subject to this chapter may proceed to collect any assessment, when due and unpaid for thirty (30) days. Refusal and neglect on their part to endeavor to collect the assessments, or to perform any of the duties imposed by this chapter, shall render them liable, individually, for the amount lost by any person who loses by their neglect or refusal, and an action can be maintained against the officers for the losses.

[Acts 1895, ch. 220, § 8; Shan., § 3364; Code 1932, § 6246; T.C.A. (orig. ed.), § 56-1907.]