Guam § 171008 - Liability for Improper Distributions; Limitation of Action.
Full text of Guam Guam Code Annotated § 171008 — Liability for Improper Distributions; Limitation of Action., with citation guidance and answers to common questions.
§ 171008. Liability for Improper Distributions; Limitation of Action.
(a) If a director of a limited cooperative association consents to a distribution made in violation of §
171007 and in consenting to the distribution fails to comply with § 17818, the director is personally liable
to the association for the amount of the distribution that exceeds the amount that could have been distributed
without the violation of § 171007.
COL 2025-04-22
(b) A person that receives a distribution knowing that the distribution violated § 171007 is personally
liable to the limited cooperative association but only to the extent that the distribution received by the person
exceeded the amount that could have been properly paid under § 171007.
(c) A director against whom an action is commenced because the director is liable under Subsection
(a) of this Section may:
(1) implead any other director that is liable under Subsection (a) of this Section and seek to
enforce a right of contribution from the director; and
(2) implead any person that received a distribution in violation of Subsection (b) of this Section
and seek to enforce a right of contribution from the person in the amount the person received in
violation of Subsection (b) of this Section.
(d) An action under this Section is barred unless commenced not later than two (2) years after the
distribution.
Source: official Guam text · Last verified 2026-08-27
Frequently Asked Questions About Guam § 171008
What does Guam Code Annotated § 171008 cover?
Section 171008 ("Liability for Improper Distributions; Limitation of Action.") is part of the Guam Code Annotated, the codified statutory law of Guam. 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 Guam § 171008?
A common citation format is "Guam Code Annotated § 171008" (Guam). 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 Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 171008 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam 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 Guam.