{"data":{"id":"us-nd/n.d.-cent.-code-10-19.1-94","jurisdiction":"us-nd","citation":"N.D. Cent. Code § 10-19.1-94","heading":"Liability of shareholders for illegal distributions","body":"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.\n2.An action may not be commenced under this section more than two years from the date of the distribution.","path":["Title 10 Corporations","Chapter 10-19.1 North Dakota Business Corporation Act"],"source_url":"https://ndlegis.gov/cencode/t10c19-1.pdf","current_through":"2026-07-31T11:12:02","vintage":"","retrieved_at":"2026-09-02T21:04:14Z","sha256":"55e381aa044fef5cdf1edd3bfd07537231acce47d1417067f5660e6f8b0cda65","source_id":"us-nd","stale":true,"prev":"us-nd/n.d.-cent.-code-10-19.1-93","next":"us-nd/n.d.-cent.-code-10-19.1-95"},"notice":"GroundRules: Original legal text. Not legal advice."}