47-1A-833.1. Contribution or recoupment--Limitation of action.
98 words·~1 min read·
/sd/title-47/chapter-47-1/47-1a-833-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 .