Guam § 17504 - Liability of Members and Directors.
Full text of Guam Guam Code Annotated § 17504 — Liability of Members and Directors., with citation guidance and answers to common questions.
§ 17504. Liability of Members and Directors.
(a) A debt, obligation, or other liability of a limited cooperative association is solely the debt,
obligation, or other liability of the association. A member or director is not personally liable, directly or
indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of the association
solely by reason of being or acting as a member or director of the association. This Subsection applies
regardless of the dissolution of the association.
(b) The failure of a limited cooperative association to observe formalities relating to the exercise of its
powers or management of its activities and affairs is not a ground for imposing liability on any member or
director for a debt, obligation, or other liability of the association.
Source: official Guam text · Last verified 2026-08-27
Frequently Asked Questions About Guam § 17504
What does Guam Code Annotated § 17504 cover?
Section 17504 ("Liability of Members and Directors.") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 17504?
A common citation format is "Guam Code Annotated § 17504" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 17504 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.