South Dakota § 47-1A-833 - Directors' liability for unlawful distributions.
Full text of South Dakota South Dakota Codified Laws § 47-1A-833 — Directors' liability for unlawful distributions., with citation guidance and answers to common questions.
§ 47-1A-833. Directors' liability for unlawful distributions.
A director who votes for or assents to a distribution in excess of what may be authorized and made pursuant to § 47-1A-640 or 47-1A-1409 is personally liable to the corporation for the amount of the distribution that exceeds what could have been distributed without violating § 47-1A-640 or 47-1A-1409 if the party asserting liability establishes that when taking the action the director did not comply with §§ 47-1A-830 and 47-1A-830.1. A proceeding to enforce the liability of a director under this section is barred unless it is commenced within two years after the date:
(1) On which the effect of the distribution was measured under § 47-1A-640.2 or 47-1A-640.4;
(2) As of which the violation of § 47-1A-640 occurred as the consequence of disregard of a restriction in the articles of incorporation; or
(3) On which the distribution of assets to shareholders under § 47-1A-1409 was made.
Source: SL 2005, ch 239, § 162.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 47-1A-833
What does South Dakota Codified Laws § 47-1A-833 cover?
Section 47-1A-833 ("Directors' liability for unlawful distributions.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. 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 South Dakota § 47-1A-833?
A common citation format is "South Dakota Codified Laws § 47-1A-833" (South Dakota). 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 South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 47-1A-833 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota 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 South Dakota.