{"data":{"id":"us-ky/krs-271b.8-330","jurisdiction":"us-ky","citation":"KRS 271B.8-330","heading":"Liability for unlawful distributions.","body":"(1) A director who votes for or who assents to a distribution made in violation of KRS\n271B.6-400 or the articles of incorporation shall be personally liable to the\ncorporation for the amount of the distribution that exceeds what could have been\ndistributed without violating KRS 271B.6-400 or the articles of incorporation if it is\nestablished that he did not perform his duties in compliance with KRS 271B.8 -300.\nIn any proceeding commenced under this section, a director shall have all of the\ndefenses ordinarily available to a director.\n(2) A director held liable under subsection (1) of this section for an unlawful\ndistribution shall be entitled to contribution:\n(a) From every other director who could be held liable under subsection (1) of\nthis section for the unlawful distribution; and\n(b) From each shareholder for the amount the shareholder accepted knowing the\ndistribution was made in violation of KRS 271B.6 -400 or the articles of\nincorporation.\n(3) A proceeding under this section shall be barred unless it is co mmenced within two\n(2) years after the date on which the effect of the distribution was measured under\nsubsection (5) or (7) of KRS 271B.6-400.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=13392","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:19Z","sha256":"330afda235d37532b663cd7c73a77a04bce2808d986d1f471e1afc2066b1d8f2","source_id":"us-ky","stale":false,"prev":"us-ky/krs-271b.8-320","next":"us-ky/krs-271b.8-400"},"notice":"GroundRules: Original legal text. Not legal advice."}