Texas Supremes Holds Shareholder Not Liable for Corporation’s Contractual Obligations.
Willis v. Donnelly, Texas Supreme Court Case No. 04-0409 (June 2, 2006) http://www.supreme.courts.state.tx.us/historical/2006/jun/040409.htm.
This is a good case for the protection of corporate shareholders from contractual corporate debt and reaffirms our understanding of the statutory provisions in the Texas Business Corporation Act (Act), and the Texas Business Organizations Code (TBOC) which recodifies the Act.
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