Corporations, Associations, and Partnerships

Business Corporations – Officers, Directors, and Stockholders

SECTION 7-4-16

§ 7-4-16. Survival of suits against officers, directors, and stockholders.

No suit against any officer, director, or stockholder for any liability or penalty created or imposed by the provisions of the general corporation law abates by reason of his or her death, but his or her estate is liable in the hands of his or her executor or administrator, who may voluntarily appear or may be summoned by the plaintiff to defend the suit.

History of Section.
(P.L. 1920, ch. 1925, § 47; G.L. 1923, ch. 248, § 47; G.L. 1938, ch. 116, § 47; G.L. 1956, § 7-4-16.)