South Dakota § 47-1A-833.1 Contribution or recoupment--Limitation of action.

South Dakota Statutes

§ 47-1A-833.1 — Contribution or recoupment--Limitation of action.

South Dakota § 47-1A-833.1

Title 47CORPORATIONS

Ch. 47-1SOUTH DAKOTA BUSINESS CORPORATION ACT

This text of South Dakota § 47-1A-833.1 (Contribution or recoupment--Limitation of action.) 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-833.1 (2026).

Text

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 .

Free access — add to your briefcase to read the full text and ask questions with AI

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 .