Me. Rev. Stat. » Title 13-A
Maine Revised Statutes

Me. Rev. Stat. tit. 13-A, § 509 (2026)

When shares are fully paid and nonassessable; liability of subscribers and others

✓ current as of May 2026
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(REPEALED)
SECTION HISTORY
PL 1971, c. 439, §§1,27 (NEW). PL 2001, c. 640, §A1 (RP). PL 2001, c. 640, §B7 (AFF).
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Notes of Decisions
Cited in 2 cases, 1986–1996 · leading case: Theberge v. Darbro, Inc., 684 A.2d 1298 (Me. 1996).
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Theberge v. Darbro, Inc., 684 A.2d 1298 (Me. 1996). · cites it 2× “1991) (a principal benefit of the corporate form "is limited liability for shareholders"); 13-A M.R.S.A. § 509(1) (1981) ("A holder of or subscriber to shares of a corporation shall be under no obligation to the corporation or its creditors with respect to such shares other than…”
Curtis v. Lehigh Footwear, Inc., 516 A.2d 558 (Me. 1986). “The limited liability of shareholders is deeply rooted in corporate law and is codified in 13-A M.R.S.A. § 509(1) (1981): “[a] holder or subscriber to shares of a corporation shall be under no obligation to the corporation or its creditors with respect to such shares other than…”
— Me. Rev. Stat. tit. 13-A, § 509(1) — 2 cases
Theberge v. Darbro, Inc., 684 A.2d 1298 (Me. 1996). “1991) (a principal benefit of the corporate form "is limited liability for shareholders"); 13-A M.R.S.A. § 509(1) (1981) ("A holder of or subscriber to shares of a corporation shall be under no obligation to the corporation or its creditors with respect to such shares other than…”
Curtis v. Lehigh Footwear, Inc., 516 A.2d 558 (Me. 1986). “The limited liability of shareholders is deeply rooted in corporate law and is codified in 13-A M.R.S.A. § 509(1) (1981): “[a] holder or subscriber to shares of a corporation shall be under no obligation to the corporation or its creditors with respect to such shares other than…”
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