<?xml version='1.0' encoding='utf-8'?>
<section article="gca" article_name="Corporations and Associations" number="2-215" title_number="2" title_name="Corporations in General -- Formation, Organization, and Operation" subtitle_number="2" subtitle_name="Issuance of Securities">
  <level label="a">
    <text>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:</text>
    <level label="1">
      <text>The subscription price or other agreed consideration for the stock has not been paid; or</text>
    </level>
    <level label="2">
      <text>Liability is imposed under any other provision of this article.</text>
    </level>
  </level>
  <level label="b">
    <text>The following persons are not personally liable to the corporation or its creditors for the unpaid portion of the consideration due for stock:</text>
    <level label="1">
      <text>A transferee or assignee who acquires stock or a subscription for stock in good faith and without knowledge or notice of the nonpayment;</text>
    </level>
    <level label="2">
      <text>A person who holds the stock as a fiduciary, although the estate in his hands is liable; and</text>
    </level>
    <level label="3">
      <text>A pledgee or other person who holds stock as security.</text>
    </level>
  </level>
  <level label="c">
    <text>The liability imposed by this section may be enforced only by:</text>
    <level label="1">
      <text>The corporation; or</text>
    </level>
    <level label="2">
      <text>Its receiver or other person winding up its affairs.</text>
    </level>
  </level>
</section>
