State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-01a > Statute-47-1a-640-3

47-1A-640.3. Indebtedness to shareholder by reason of distribution at parity with indebtedness to general unsecured creditor. A corporation's indebtedness to a shareholder incurred by reason of a distribution made in accordance with §§ 47-1A-640 to 47-1A-640.5, inclusive, is at parity with the corporation's indebtedness to its general, unsecured creditors except to the extent subordinated by agreement.

Source: SL 2005, ch 239, § 83.

State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-01a > Statute-47-1a-640-3

47-1A-640.3. Indebtedness to shareholder by reason of distribution at parity with indebtedness to general unsecured creditor. A corporation's indebtedness to a shareholder incurred by reason of a distribution made in accordance with §§ 47-1A-640 to 47-1A-640.5, inclusive, is at parity with the corporation's indebtedness to its general, unsecured creditors except to the extent subordinated by agreement.

Source: SL 2005, ch 239, § 83.