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2019 South Dakota Codified Laws
Title 47 - Corporations
Chapter 01A - South Dakota Business Corporation Act
§ 47-1A-833.1 Contribution or recoupment--Limitation of actionSUBPART D. OFFICERS.
Universal Citation: SD Codified L § 47-1A-833.1 (2019)
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.
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