33-5-405. Subscribers' liability on judgment. (1) An action may not lie against any subscriber upon any obligation claimed against the insurer until a final judgment has been obtained against the insurer and remains unsatisfied for 30 days.
(2) Any judgment described in subsection (1) is binding upon each subscriber only in the proportion that the subscriber's interests may appear and in an amount not exceeding the subscriber's contingent liability, if any.
History: En. Sec. 557, Ch. 286, L. 1959; R.C.M. 1947, 40-5020; amd. Sec. 1161, Ch. 56, L. 2009.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 5. Reciprocal Insurers
33-5-401. Surplus funds required
33-5-402. Contributions to insurer
33-5-403. Financial condition -- method of determining
33-5-404. Subscribers' liability
33-5-405. Subscribers' liability on judgment
33-5-407. Time limit for assessments
33-5-409. Nonassessable policies
33-5-410. Distribution of savings
33-5-411. Subscribers' share in assets