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S.D. Codified Laws § 47-1A-833.1

Contribution or recoupment--Limitation of action

Known as the South Dakota Business Corporation Act

The act spans §§ 47-1A-1001 to 47-1A-957 (383 sections).

Source: SL 2005, ch 239, § 163.

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.

Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.