Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
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.
History: 1981 c 270 s 87
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.
History: 1981 c 270 s 87
Official Publication of the State of Minnesota
Revisor of Statutes