If a non profit agency takes out a loan are the members of the board of directors liable if the non profit desolves.

I am on a non profit board that took out a loan and now can't pay off that loan.
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Mark L Rosenberg

Mark L Rosenberg

Contributor Level 7
If the members of the Board of Directors did not personally guarantee the loan, they are not generally responsible for it. However, the lender may try to "pierce the corporate veil" if the members of the Board took salaries or otherwise had personal benefits from the non-profit corporation. You should definitely get counsel if you believe that the lender will attempt to collect from these individuals.
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