Colorado § 7-58-1008 - Liability for improper distributions - limitation of action.
Full text of Colorado Colorado Revised Statutes § 7-58-1008 — Liability for improper distributions - limitation of action., with citation guidance and answers to common questions.
§ 7-58-1008. Liability for improper distributions - limitation of action.
(1) A director who consents to a distribution that violates section 7-58-1007 is personally liable to the limited cooperative association for the amount of the distribution that exceeds the amount that could have been distributed without the violation if it is established that, in consenting to the distribution, the director failed to comply with section 7-58-818 or 7-58-819.
(2) A member or transferee of financial rights that received a distribution knowing that the distribution was made in violation of section 7-58-1007 is personally liable to the limited cooperative association to the extent that the distribution exceeded the amount that could have been properly paid.
(3) A director against whom an action is commenced under subsection (1) of this section may:
(a) Implead in the action any other director who is liable under subsection (1) of this section and compel contribution from the director; and
(b) Implead in the action any person that is liable under subsection (2) of this section and compel contribution from the person in the amount the person received as described in subsection (2) of this section.
(4) An action under this section is barred if it is commenced later than three years after the distribution.
Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 801, § 1, effective April 2, 2012.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 7-58-1008
What does Colorado Revised Statutes § 7-58-1008 cover?
Section 7-58-1008 ("Liability for improper distributions - limitation of action.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 7-58-1008?
A common citation format is "Colorado Revised Statutes § 7-58-1008" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 7-58-1008 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.