Michigan § 486.115 - Stockholder's liability; recovery prerequisites.
Full text of Michigan Michigan Compiled Laws § 486.115 — Stockholder's liability; recovery prerequisites., with citation guidance and answers to common questions.
§ 486.115. Stockholder's liability; recovery prerequisites.
The stockholders of every company organized in pursuance of this act shall be jointly and severally personally liable for the payment of all debts and demands against such association, which shall be contracted, or which shall be or shall become due during the time of their holding such stocks, for any labor or services done or performed for such company, but no stockholder shall be proceeded against for the collection of any debt or demand against such company until execution or [on] judgment for such labor and services shall have been returned unsatisfied, or unless such association shall be dissolved.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 486.115
What does Michigan Compiled Laws § 486.115 cover?
Section 486.115 ("Stockholder's liability; recovery prerequisites.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. 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 Michigan § 486.115?
A common citation format is "Michigan Compiled Laws § 486.115" (Michigan). 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 Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 486.115 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan 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 Michigan.