Michigan § 500.5036 - Liability of directors for debts during organization.
Full text of Michigan Michigan Compiled Laws § 500.5036 — Liability of directors for debts during organization., with citation guidance and answers to common questions.
§ 500.5036. Liability of directors for debts during organization.
The directors and incorporators of any stock company organized under this chapter, to transact property, marine, inland navigation and transportation, or automobile insurance (limited), all as defined in chapter 6, shall be jointly and severally liable for all debts or responsibilities of such company, until the whole amount of the capital of such company shall have been paid in and a certificate thereof recorded, as hereinbefore provided.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 500.5036
What does Michigan Compiled Laws § 500.5036 cover?
Section 500.5036 ("Liability of directors for debts during organization.") 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 § 500.5036?
A common citation format is "Michigan Compiled Laws § 500.5036" (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 § 500.5036 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.