On the dissolution of any corporation, either by judgment or otherwise, all its real and personal estate shall be vested in the stockholders therein, in their respective proportions, who shall hold the same as tenants in common; but this section shall not extend to any property except that which the corporation might lawfully have held without forfeiting the same to the state. Debts due to and from the corporation shall not be extinguished by its dissolution, but debts due from the corporation shall be a charge upon its property.Codes, 1857, ch. 35, art. 21; 1880, § 1040; 1892, § 847; 1906, § 912; Hemingway's 1917, § 4084; 1930, § 4172; 1942, § 5354.
Mississippi Legal Code