Title 12, Banks and BankingRelease 119-102
§66 Personal Liability of Representatives of Stockholders
Title 12 › CHAPTER 2 — NATIONAL BANKS › SUBCHAPTER II — CAPITAL, STOCK, AND STOCKHOLDERS › § 66
Summary
Executors, administrators, guardians, and trustees aren't personally responsible for stock debts; the estate or trust they manage is responsible to the same extent as the original owner.
Full Legal Text
Title 12, §66
Banks and Banking, Source: USLM XML via OLRC
Persons holding stock as executors, administrators, guardians, or trustees, shall not be personally subject to any liabilities as stockholders; but the estates and funds in their hands shall be liable in like manner and to the same extent as the testator, intestate, ward, or person interested in such trust funds would be, if living and competent to act and hold the stock in his own name.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification R.S. § 5152 derived from act June 3, 1864, ch. 106, § 63, 13 Stat. 118, which was the National Bank Act. See section 38 of this title.
Reference
Citations & Metadata
Citation
12 U.S.C. § 66
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102