2004 Minnesota Statutes

     302A.557 Liability of shareholders for illegal 
  distributions. 

    Subdivision 1.    Liability.  A shareholder who receives 
 a distribution made in violation of the provisions of section 
 302A.551 is liable to the corporation, its receiver or other 
 person winding up its affairs, or a director under section 
 302A.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 section 302A.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.  

    HIST: 1981 c 270 s 87