Section 47-1A-833.1 - Contribution or recoupment--Limitation of action. - South-dakota Statutes

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47-1A-833.1. Contribution or recoupment--Limitation of action. A director held liable under § 47-1A-833 for an unlawful distribution is entitled to:
(1) Contribution from every other director who could be held liable under § 47-1A-833 for the unlawful distribution; and
(2) Recoupment from each shareholder of the pro-rata portion of the amount of the unlawful distribution the shareholder accepted, knowing the distribution was made in violation of § 47-1A-640 or 47-1A-1409.
A proceeding to enforce contribution or recoupment under this section is barred unless it is commenced within one year after the liability of the claimant has been finally adjudicated under § 47-1A-833.

Source: SL 2005, ch 239, § 163.

State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-01a > Statute-47-1a-833-1

47-1A-833.1. Contribution or recoupment--Limitation of action. A director held liable under § 47-1A-833 for an unlawful distribution is entitled to:
(1) Contribution from every other director who could be held liable under § 47-1A-833 for the unlawful distribution; and
(2) Recoupment from each shareholder of the pro-rata portion of the amount of the unlawful distribution the shareholder accepted, knowing the distribution was made in violation of § 47-1A-640 or 47-1A-1409.
A proceeding to enforce contribution or recoupment under this section is barred unless it is commenced within one year after the liability of the claimant has been finally adjudicated under § 47-1A-833.

Source: SL 2005, ch 239, § 163.

State Codes and Statutes

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State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-01a > Statute-47-1a-833-1

47-1A-833.1. Contribution or recoupment--Limitation of action. A director held liable under § 47-1A-833 for an unlawful distribution is entitled to:
(1) Contribution from every other director who could be held liable under § 47-1A-833 for the unlawful distribution; and
(2) Recoupment from each shareholder of the pro-rata portion of the amount of the unlawful distribution the shareholder accepted, knowing the distribution was made in violation of § 47-1A-640 or 47-1A-1409.
A proceeding to enforce contribution or recoupment under this section is barred unless it is commenced within one year after the liability of the claimant has been finally adjudicated under § 47-1A-833.

Source: SL 2005, ch 239, § 163.