{"data":{"id":"us-ky/krs-272a.10-080","jurisdiction":"us-ky","citation":"KRS 272A.10-080","heading":"Liability for improper distributions.","body":"(1) A director who consents to a distribution that violates KRS 272A.10 -070 is\npersonally liable to the limited cooperative association for the amount of the\ndistribution which exceeds the amount that could have been distributed without the\nviolation if it is established that in consenting to the distribution the director failed\nto comply with KRS 272A.8-180.\n(2) A member or transferee of financial rights which received a distribution knowing\nthat the distribution was made in violation of KRS 272A.10 -070 is personally liable\nto the limited cooperative association to the extent the distribution exceeded the\namount that could have been properly paid.\n(3) A director against whom an action is commenced under subsection (1) of this\nsection may:\n(a) Implement in the a ction any other director who is liable under subsection (1)\nof this section and compel contribution from the person; and\n(b) Implement in the action any person that is liable under subsection (2) of this\nsection and compel contribution from the person in t he amount the person\nreceived as described in subsection (2) of this section.\n(4) An action under this section is barred if it is commenced later than two (2) years\nafter the distribution.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=41060","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:22Z","sha256":"35a8d47e3517806e986906370ad8fcd2a7b0de97016689946b3c69e095eda90e","source_id":"us-ky","stale":false,"prev":"us-ky/krs-272a.10-070","next":"us-ky/krs-272a.11-010"},"notice":"GroundRules: Original legal text. Not legal advice."}