There is a newer version
of
this Section
2017 Minnesota Statutes
Chapters 300 - 323A — BUSINESS, SOCIAL, AND CHARITABLE ORGANIZATIONS
Chapter 302A — BUSINESS CORPORATIONS
Section 302A.557 — LIABILITY OF SHAREHOLDERS FOR ILLEGAL DISTRIBUTIONS.
Universal Citation: MN Stat § 302A.557 (2017)
302A.557 LIABILITY OF SHAREHOLDERS FOR ILLEGAL DISTRIBUTIONS.
Subdivision 1. Liability. A shareholder who receives a distribution made in violation of the provisions of section 302A.551 is liable to the corporation, its receiver or other person winding up its affairs, or a director under section 302A.559, subdivision 2, but only to the extent that the distribution received by the shareholder exceeded the amount that properly could have been paid under section 302A.551.
Subd. 2. Statute of limitations. An action shall not be commenced under this section more than two years from the date of the distribution.
History: 1981 c 270 s 87
Disclaimer: These codes may not be the most recent version. Minnesota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
