Maryland § 2-215
Full text of Maryland Maryland Code § 2-215, with citation guidance and answers to common questions.
§ 2-215.
(a) A stockholder or subscriber for stock of a corporation is not obligated to the corporation or its creditors with respect to the stock, except to the extent that:
(1) The subscription price or other agreed consideration for the stock has not been paid; or
(2) Liability is imposed under any other provision of this article.
(b) The following persons are not personally liable to the corporation or its creditors for the unpaid portion of the consideration due for stock:
(1) A transferee or assignee who acquires stock or a subscription for stock in good faith and without knowledge or notice of the nonpayment;
(2) A person who holds the stock as a fiduciary, although the estate in his hands is liable; and
(3) A pledgee or other person who holds stock as security.
(c) The liability imposed by this section may be enforced only by:
(1) The corporation; or
(2) Its receiver or other person winding up its affairs.
Frequently Asked Questions About Maryland § 2-215
What does Maryland Code § 2-215 cover?
Section 2-215 is part of the Maryland Code, the codified statutory law of Maryland. 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 Maryland § 2-215?
A common citation format is "Maryland Code § 2-215" (Maryland). 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 Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 2-215 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland 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 Maryland.