Tennessee § 48-56-205 Creditor's action against member

Tennessee Statutes

§ 48-56-205 — Creditor's action against member

(a)No proceeding may be brought by a creditor of a corporation to reach the liability, if any, of a member to the corporation unless final judgment has been rendered in favor of the creditor against the corporation and execution has been returned unsatisfied in whole or in part or unless such proceeding would be useless.

(b)All creditors of the corporation, with or without reducing their claims to judgment, may intervene in any creditor's proceeding brought under subsection (a) to reach and apply unpaid amounts due the corporation. Any or all members who owe amounts to the corporation may be joined in such proceeding.

(c)Nothing provided in subsection (a) or (b) is intended to preclude the availability of other remedies to a creditor.

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(a) No proceeding may be brought by a creditor of a corporation to reach the liability, if any, of a member to the corporation unless final judgment has been rendered in favor of the creditor against the corporation and execution has been returned unsatisfied in whole or in part or unless such proceeding would be useless. (b) All creditors of the corporation, with or without reducing their claims to judgment, may intervene in any creditor's proceeding brought under subsection (a) to reach and apply unpaid amounts due the corporation. Any or all members who owe amounts to the corporation may be joined in such proceeding. (c) Nothing provided in subsection (a) or (b) is intended to preclude the availability of other remedies to a creditor.

Tennessee § 48-56-205 (Creditor's action against member) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.