New Jersey § 15a:5-25
Full text of New Jersey New Jersey Statutes § 15a:5-25, with citation guidance and answers to common questions.
§ 15a:5-25.
a. The members of a nonprofit corporation shall not be personally liable for the debts,
liabilities or obligations of the corporation. b. A member shall be liable to the corporation only to the extent of any unpaid portion
of membership dues or assessments which the corporation may have lawfully imposed,
or for any other indebtedness owed by the member to the corporation. No action shall be brought by any creditor of the corporation to reach and apply
any liability to any debt of the corporation until after final judgment shall have
been rendered against the corporation in favor of the creditor and execution thereon
returned unsatisfied, or the corporation shall have been adjudged bankrupt, or a receiver
shall have been appointed with power to collect debts, and the receiver, on demand
of a creditor to bring an action thereon, has refused to sue for the unpaid amount,
or the corporation shall have been dissolved or ceased its activities leaving debts
unpaid. No such action shall be brought more than 3 years after the happening of any one
of the events.
Frequently Asked Questions About New Jersey § 15a:5-25
What does New Jersey Statutes § 15a:5-25 cover?
Section 15a:5-25 is part of the New Jersey Statutes, the codified statutory law of New Jersey. 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 New Jersey § 15a:5-25?
A common citation format is "New Jersey Statutes § 15a:5-25" (New Jersey). 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 New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 15a:5-25 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey 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 New Jersey.