Vermont § 1008 - Liability for improper distributions; limitation of action
Full text of Vermont Vermont Statutes Online § 1008 — Liability for improper distributions; limitation of action, with citation guidance and answers to common questions.
§ 1008. Liability for improper distributions; limitation of action
- (a) A director who consents to a distribution that violates section 1007 of this title is personally liable to the mutual benefit enterprise 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 sections 818-819c of this title. (b) A member or transferee of financial rights that received a distribution knowing that
the distribution was made in violation of section 1007 of this title is personally liable to the mutual benefit enterprise to the extent the distribution
exceeded the amount that should have been properly paid. (c) A director against whom an action is commenced under subsection (a) of this section
may: (1) implead in the action any other director who is liable under subsection (a) of this
section and compel contribution from the person; and (2) implead in the action any person that is liable under subsection (b) of this section
and compel contribution from the person in the amount the person received as described
in subsection (b) of this section. (d) An action under this section is barred if it is commenced later than two years after
the distribution. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
Source: official Vermont text · Last verified 2026-08-27
Frequently Asked Questions About Vermont § 1008
What does Vermont Statutes Online § 1008 cover?
Section 1008 ("Liability for improper distributions; limitation of action") is part of the Vermont Statutes Online, the codified statutory law of Vermont. 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 Vermont § 1008?
A common citation format is "Vermont Statutes Online § 1008" (Vermont). 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 Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 1008 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont 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 Vermont.