Section 47-1A-1407.2 - Enforcement of claims against dissolved corporations. - South-dakota Statutes

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47-1A-1407.2. Enforcement of claims against dissolved corporations. A claim that is not barred by § 47-1A-1406 or 47-1A-1407.1 may be enforced:
(1) Against the dissolved corporation, to the extent of its undistributed assets; or
(2) Except as provided in § 47-1A-1408.1, if the assets have been distributed in liquidation, against a shareholder of the dissolved corporation to the extent of the shareholder's pro rata share of the claim or the corporate assets distributed to the shareholder in liquidation, whichever is less, but a shareholder's total liability for all claims under this section may not exceed the total amount of assets distributed to the shareholder.

Source: SL 2005, ch 239, § 323.

State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-01a > Statute-47-1a-1407-2

47-1A-1407.2. Enforcement of claims against dissolved corporations. A claim that is not barred by § 47-1A-1406 or 47-1A-1407.1 may be enforced:
(1) Against the dissolved corporation, to the extent of its undistributed assets; or
(2) Except as provided in § 47-1A-1408.1, if the assets have been distributed in liquidation, against a shareholder of the dissolved corporation to the extent of the shareholder's pro rata share of the claim or the corporate assets distributed to the shareholder in liquidation, whichever is less, but a shareholder's total liability for all claims under this section may not exceed the total amount of assets distributed to the shareholder.

Source: SL 2005, ch 239, § 323.

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State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-01a > Statute-47-1a-1407-2

47-1A-1407.2. Enforcement of claims against dissolved corporations. A claim that is not barred by § 47-1A-1406 or 47-1A-1407.1 may be enforced:
(1) Against the dissolved corporation, to the extent of its undistributed assets; or
(2) Except as provided in § 47-1A-1408.1, if the assets have been distributed in liquidation, against a shareholder of the dissolved corporation to the extent of the shareholder's pro rata share of the claim or the corporate assets distributed to the shareholder in liquidation, whichever is less, but a shareholder's total liability for all claims under this section may not exceed the total amount of assets distributed to the shareholder.

Source: SL 2005, ch 239, § 323.