27-28-504. Court appointed trustees to settle affairs of dissolved corporation. The court rendering a judgment dissolving a corporation shall appoint trustees of the creditors and stockholders of the corporation, who, after giving an undertaking payable to the state, in such sum and with such sureties as the court may designate and approve, conditioned that they will faithfully discharge their trust and properly pay and apply all money that may come into their hands, shall have power to settle the affairs of the corporation, collect and pay outstanding debts, and divide among the stockholders the money and other property which remain after the payment of debts and necessary expenses.
History: En. Sec. 1429, C. Civ. Proc. 1895; re-en. Sec. 6962, Rev. C. 1907; re-en. Sec. 9595, R.C.M. 1921; re-en. Sec. 9595, R.C.M. 1935; R.C.M. 1947, 93-6420.
Structure Montana Code Annotated
Title 27. Civil Liability, Remedies, and Limitations
Part 5. Actions Against Corporations
27-28-501. Judgment forbidding continuation of offending acts
27-28-502. Judgment dissolving corporation
27-28-503. Costs -- judgment against corporation or alleged corporation
27-28-504. Court appointed trustees to settle affairs of dissolved corporation
27-28-505. Powers and duties of trustees -- liability
27-28-506. Refusal to deliver assets or papers to trustees -- punishment for contempt -- liability