South Dakota Codified Laws 47-1A-924.3. Owner liability only for debts arising after effective time of articles of domestication
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A shareholder who becomes subject to owner liability for some or all of the debts, obligations, or liabilities of the corporation as a result of its domestication in this state has owner liability only for those debts, obligations, or liabilities of the corporation that arise after the effective time of the articles of domestication.
Terms Used In South Dakota Codified Laws 47-1A-924.3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Source: SL 2005, ch 239, § 212.