506.8 Liability to stockholders.
Any person, association, or corporation who sells or aids in selling or causes to be sold any stock, certificate of membership, or evidence of interest in any such corporation or association, in violation of law, shall be personally liable to any person to whom the person, association or certificate of membership or evidence of interest, in an amount equal to the price paid therefor by such person with legal interest, and suit to recover the same may be brought by such purchasers, jointly or severally, in any court of competent jurisdiction.
[C24, 27, 31, 35, 39, §8622; C46, 50, 54, 58, 62, §506.7; C66, 71, 73, 75, 77, 79, 81, §506.8]
Structure Iowa Code
Chapter 506 - DOMESTIC INSURANCE COMPANIES
Section 506.1 - Rules — limitations.
Section 506.2 - Sale of securities restricted.
Section 506.3 - Certificate of compliance.
Section 506.4 - Maximum promotion expense allowed.
Section 506.5 - Regulation by commissioner.
Section 506.6 - Promoters restricted.
Section 506.8 - Liability to stockholders.
Section 506.9 - Judicial review.
Section 506.10 - Sale of stock as inducement to insurance.
Section 506.11 - Securities law applicable.
Section 506.12 - Principal executive office.
Section 506.13 - New officers or directors — biographical affidavit required.
Section 506.14 - Voluntary dissolution of domestic mutual insurance companies.