S.D. Codified Laws § 47-1A-833.1

Current through the 2024 Legislative Session

Section 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.

SDCL 47-1A-833.1

SL 2005, ch 239, §163.