27-28-505. Powers and duties of trustees -- liability. (1) The trustees shall immediately demand all money, property, and papers within the custody or control of the officers of the corporation belonging to the corporation or in any way necessary for the settlement of its affairs or for the discharge of its debts and liabilities; and they may sue for and recover the demands and property of the corporation.
(2) The trustees are jointly and severally liable to the creditors and stockholders of the corporation to the extent of its property and effects which come into their hands.
History: En. Sec. 1430, C. Civ. Proc. 1895; re-en. Sec. 6963, Rev. C. 1907; re-en. Sec. 9596, R.C.M. 1921; re-en. Sec. 9596, R.C.M. 1935; R.C.M. 1947, 93-6421; amd. Sec. 59, Ch. 12, L. 1979.
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