South Dakota Statutes
§ 47-1A-640.3 — Indebtedness to shareholder by reason of distribution at parity with indebtedness to general unsecured creditor.
South Dakota § 47-1A-640.3
This text of South Dakota § 47-1A-640.3 (Indebtedness to shareholder by reason of distribution at parity with indebtedness to general unsecured creditor.) 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-640.3 (2026).
Text
A corporation's indebtedness to a shareholder incurred by reason of a distribution made in accordance with §§ 47-1A-640 to 47-1A-640.5 , inclusive, is at parity with the corporation's indebtedness to its general, unsecured creditors except to the extent subordinated by agreement.
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Legislative History
SL 2005, ch 239, § 83.
Nearby Sections
15
§ 47-1-1
Repealed§ 47-1-3
Repealed§ 47-10-1
Purposes of corporations.§ 47-10-10
Incorporators.§ 47-10-11
Directors--Number and term of office.§ 47-10-13
Accumulation of surplus--Use of surplus.§ 47-10-14
Persons authorized to hold common stock.§ 47-10-18
Nonstockholder members--Duty to lend.§ 47-10-2
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Bluebook (online)
South Dakota § 47-1A-640.3, Counsel Stack Legal Research, https://law.counselstack.com/statute/sd/47-1A-640.3.