Oklahoma Code § 18-1043

§ 18-1043.

in Full.

Liability of Shareholder or Subscriber for Stock not Paid

LIABILITY OF SHAREHOLDER OR SUBSCRIBER

FOR STOCK NOT PAID IN FULL

A. When the whole of the consideration payable for shares of a

corporation has not been paid in, and the assets shall be

insufficient to satisfy the claims of its creditors, each holder of

or subscriber for such shares shall be bound to pay on each share

held or subscribed for by him the sum necessary to complete the

Oklahoma Statutes - Title 18. Corporations

amount of the unpaid balance of the consideration for which such

shares were issued or to be issued by the corporation.

B. The amounts which shall be payable as provided in subsection

A of this section may be recovered as provided for in Section 124 of

this act, after a writ of execution against the corporation has been

returned unsatisfied as provided for in that section.

C. Any person becoming an assignee or transferee of shares or

of a subscription for shares in good faith and without knowledge or

notice that the full consideration therefor has not been paid shall

not be personally liable for any unpaid portion of such

consideration, but the transferor shall remain liable therefor.

D. No person holding shares in any corporation as collateral

security shall be personally liable as a shareholder but the person

pledging such shares shall be considered the holder thereof and

shall be so liable. No executor, administrator, guardian, trustee

or other fiduciary shall be personally liable as a shareholder, but

the estate or funds held by such executor, administrator, guardian,

trustee or other fiduciary in such fiduciary capacity shall be

liable.

E. No liability under the provisions of this section or under

the provisions of Section 124 of this act shall be asserted more

than six (6) years after the issuance of the stock or the date of

the subscription upon which the assessment is sought.

F. In any action by a receiver or trustee of an insolvent

corporation or by a judgment creditor to obtain an assessment under

the provisions of this section, any shareholder or subscriber for

stock of the insolvent corporation may appear and contest the claim

or claims of such receiver or trustee.

Added by Laws 1986, c. 292, § 43, eff. Nov. 1, 1986.