North Dakota Century Code Title 10. Corporations § 10-19.1-94. Liability of shareholders for illegal distributions

1. A shareholder who knows or should have known that a distribution was made in violation of section 10-19.1-92 is liable to the corporation, its receiver or other person winding up its affairs, or a director under subsection 2 of section 10-19.1-95 but only to the extent that the distribution received by the shareholder exceeded the amount that properly could have been paid under section 10-19.1-92.

2. An action may not be commenced under this section more than two years from the date of the distribution.