1. A holder of shares of a state bank shall be under no obligation to the state bank or its creditors with respect to such shares. A subscriber to shares of a state bank shall be under no obligation to the state bank or its creditors with respect to such shares other than the obligation to pay the full consideration for such shares prior to their issuance.
2. An executor, administrator, conservator, guardian, trustee, assignee for the benefit of creditors or receiver shall not be personally liable to the state bank as a holder of or subscriber to shares of a state bank but the estate and funds in the hands of the executor, administrator, conservator, guardian, trustee, assignee, or receiver shall be so liable.
3. No pledgee or other holder of shares as collateral security shall be personally liable as a shareholder.
[C71, 73, 75, 77, 79, 81, § 524.505]
Iowa General Assembly
Search: Iowa Code 1995
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