Interest holder liability definition
Interest holder liability means personal liability for a debt, obligation, or liability of a domestic or foreign for-profit or nonprofit corporation or unincorporated entity that is imposed on a person:
Interest holder liability means any of the following:
Interest holder liability means any of the following:
(a) Personal liability for a debt, obligation, or other liability of an entity which is imposed on a person under any of the following circumstances:
1. Solely by reason of the status of the person as an interest holder of the entity under its governing law.
2. Under the organizational documents of the entity in accord- ance with its governing law which make one or more specified interest holders or categories of interest holders liable in their capacity as interest holders for all or specified liabilities of the entity.
(b) An obligation of an interest holder of an entity under its organizational documents to contribute to the entity.
More Definitions of Interest holder liability
Interest holder liability means personal liability for a
Interest holder liability means (A) personal liability for a liability of an entity that is imposed on a person (i) solely by reason of the status of the person as an interest holder, or (ii) by the organic rules of the entity pursuant to a provision of the organic law authorizing the organic rules to make one or more specified interest holders or categories of interest holders liable in their capacity as interest holders for all or specified liabilities of the entity; or (B) an obligation of an interest holder under the organic rules of an entity to contribute to the entity.
Interest holder liability means any of the fol- lowing:
Interest holder liability means personal liability for a liability of an entity that is imposed on a person:
Interest holder liability means (A) personal liability for a 1313 liability of an entity that is imposed on a person (i) solely by reason of 1314 the status of the person as an interest holder, or (ii) by the organic rules 1315 of the entity pursuant to a provision of the organic law authorizing the 1316 organic rules to make one or more specified interest holders or 1317 categories of interest holders liable in their capacity as interest holders 1318 for all or specified liabilities of the entity; or (B) an obligation of an 1319 interest holder under the organic rules of an entity to contribute to the 1320 entity. 1321 (21) "Jurisdiction of organization" of an entity means the jurisdiction 1322 under which the law includes the organic law of the entity. 1323 (22) "Liability" means a debt, obligation or any other liability arising 1324 in any manner, regardless of whether it is secured or contingent. 1325 (23) "Merger" means a transaction in which two or more merging 1326 entities are combined into a surviving entity pursuant to a filing with 1327 the Secretary of the State. 1328 (24) "Merging entity" means an entity that is a party to a merger and 1329 exists immediately before the merger becomes effective. 1330 (25) "Nonprofit corporation" means a corporation whose internal 1331 affairs are governed by chapter 602. 1332 (26) "Organic law" means the section of the general statutes, if any, 1333 other than this section and sections 34-601 to 34-646, inclusive, 1334 governing the internal affairs of an entity. 1335 (27) "Organic rules" means the public organic document and private 1336 organic rules of an entity. 1337 (28) "Person" means an individual, corporation, estate, trust, 1338 partnership, limited liability company, business or similar trust,