2020 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.
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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.
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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:
Official Publication of the State of Minnesota
Revisor of Statutes