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2019 South Dakota Codified Laws
Title 47 - Corporations
Chapter 34A - Uniform Limited Liability Company Act
§ 47-34A-402 Liability for contributions.
Universal Citation: SD Codified L § 47-34A-402 (2019)
47-34A-402. Liability for contributions. (a) A person's obligation to make a contribution to a limited liability company is not excused by the person's death, disability, or other inability to perform personally. If a person does not make the required contribution, the person or person's estate is obligated to contribute money equal to the value of that part of the contribution which has not been made at the option of the company.
(b) A creditor of a limited liability company which extends credit or otherwise acts in reliance on an obligation described in subsection (a), and without notice of any compromise under § 47-34A-404.1(c)(5), may enforce the obligation.
Source: SL 1998, ch 272, § 402; SL 2013, ch 233, § 8.
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