Minnesota § 302A.557 LIABILITY OF SHAREHOLDERS FOR ILLEGAL DISTRIBUTIONS

Minnesota Statutes

§ 302A.557 — LIABILITY OF SHAREHOLDERS FOR ILLEGAL DISTRIBUTIONS

Minnesota § 302A.557

PartBUSINESS, SOCIAL, AND CHARITABLE ORGANIZATIONS

Ch. 302ABUSINESS CORPORATIONS

This text of Minnesota § 302A.557 (LIABILITY OF SHAREHOLDERS FOR ILLEGAL DISTRIBUTIONS) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 302A.557 (2026).

Text

Subdivision 1.Liability.
A shareholder who receives a distribution made in violation of the provisions of section302A.551is liable to the corporation, its receiver or other person winding up its affairs, or a director under section302A.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 section302A.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.

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Subdivision 1.Liability.
A shareholder who receives a distribution made in violation of the provisions of section302A.551is liable to the corporation, its receiver or other person winding up its affairs, or a director under section302A.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 section302A.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.