South Dakota § 47-1A-1407.2 Enforcement of claims against dissolved corporations.

South Dakota Statutes

§ 47-1A-1407.2 — Enforcement of claims against dissolved corporations.

South Dakota § 47-1A-1407.2

Title 47CORPORATIONS

Ch. 47-1SOUTH DAKOTA BUSINESS CORPORATION ACT

This text of South Dakota § 47-1A-1407.2 (Enforcement of claims against dissolved corporations.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 47-1A-1407.2 (2026).

Text

A claim that is not barred by § 47-1A-1406 or 47-1A-1407.1 may be enforced:

(1)Against the dissolved corporation, to the extent of its undistributed assets; or (2) Except as provided in § 47-1A-1408.1 , if the assets have been distributed in liquidation, against a shareholder of the dissolved corporation to the extent of the shareholder's pro rata share of the claim or the corporate assets distributed to the shareholder in liquidation, whichever is less, but a shareholder's total liability for all claims under this section may not exceed the total amount of assets distributed to the shareholder.

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A claim that is not barred by § 47-1A-1406 or 47-1A-1407.1 may be enforced: (1) Against the dissolved corporation, to the extent of its undistributed assets; or (2) Except as provided in § 47-1A-1408.1 , if the assets have been distributed in liquidation, against a shareholder of the dissolved corporation to the extent of the shareholder's pro rata share of the claim or the corporate assets distributed to the shareholder in liquidation, whichever is less, but a shareholder's total liability for all claims under this section may not exceed the total amount of assets distributed to the shareholder.