Minnesota Statutes Business, Social, and Charitable Organizations (Ch. 300-323A) § 302A.557. Liability of shareholders for illegal distributions

Subdivision 1. Liability. A shareholder who receives a distribution made in violation of the provisions ofsection 302A.551is liable to the corporation, its receiver or other person winding up its affairs, or a director undersection 302A.559, subdivision 2, but only to the extent that the distribution received by the shareholder exceeded the amount that properly could have been paid undersection 302A.551.

Subd. 2. Statute of limitations. An action shall not be commenced under this section more than two years from the date of the distribution.