Utah § 16-16-1008 - Liability for improper distributions -- Limitation of action.

Full text of Utah Utah Code § 16-16-1008 — Liability for improper distributions -- Limitation of action., with citation guidance and answers to common questions.

§ 16-16-1008. Liability for improper distributions -- Limitation of action.

16-16-1008.  Liability for improper distributions -- Limitation of action.
(1) A director who consents to a distribution that violates Section 16-16-1007 is personally liable to the limited cooperative association for the amount of the distribution which 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 16-16-818 or 16-16-819.
(2) A member or transferee of financial rights which received a distribution knowing that the distribution was made in violation of Section 16-16-1007 is personally liable to the limited cooperative association to the extent the distribution exceeded the amount that could have been properly paid.
(3) A director against whom an action is commenced under Subsection (1) may:
(a) implead in the action any other director who is liable under Subsection (1) and compel contribution from the person; and
(b) implead in the action any person that is liable under Subsection (2) and compel contribution from the person in the amount the person received as described in Subsection (2).
(4) An action under this section is barred if it is commenced later than two years after the distribution.


Enacted by Chapter 363, 2008 General Session

Source: official Utah text · Last verified 2026-08-27

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Frequently Asked Questions About Utah § 16-16-1008

What does Utah Code § 16-16-1008 cover?

Section 16-16-1008 ("Liability for improper distributions -- Limitation of action.") is part of the Utah Code, the codified statutory law of Utah. 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 Utah § 16-16-1008?

A common citation format is "Utah Code § 16-16-1008" (Utah). 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 Utah law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.

How does Utah § 16-16-1008 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah 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 Utah.