Massachusetts § 53 Payment of debts; distribution of surplus

Massachusetts Statutes

§ 53 — Payment of debts; distribution of surplus

Massachusetts § 53

Part IADMINISTRATION OF THE GOVERNMENT

Title XXIICORPORATIONS

Ch. 155GENERAL PROVISIONS RELATIVE TO CORPORATIONS

This text of Massachusetts § 53 (Payment of debts; distribution of surplus) is published on Counsel Stack Legal Research, covering Massachusetts primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mass. Gen. Laws ch. 155, § 53 (2026).

Text

Section 53. The receivers shall pay all debts due from the corporation if the funds in their hands are sufficient therefor; and if they are not, they shall distribute them ratably among the creditors who prove their debts in the manner directed by any decree of the court for that purpose. If there is a balance remaining after the payment of the debts, the receivers shall distribute and pay it to those who are justly entitled thereto as having been stockholders or members of the corporation, or their legal representatives.

Free access — add to your briefcase to read the full text and ask questions with AI

Section 53. The receivers shall pay all debts due from the corporation if the funds in their hands are sufficient therefor; and if they are not, they shall distribute them ratably among the creditors who prove their debts in the manner directed by any decree of the court for that purpose. If there is a balance remaining after the payment of the debts, the receivers shall distribute and pay it to those who are justly entitled thereto as having been stockholders or members of the corporation, or their legal representatives.

View on official source ↗

Cite This Page — Counsel Stack

Bluebook (online)

Massachusetts § 53, Counsel Stack Legal Research, https://law.counselstack.com/statute/ma/155/53.