LIABILITY OF SHAREHOLDERS FOR ILLEGAL DISTRIBUTIONS.

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