South Dakota Codified Laws 47-1A-955.2. Owner liability only for debts arising after effective time of articles of entity conversion
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Any shareholder who becomes subject to owner liability for some or all of the debts, obligations, or liabilities of the surviving entity is personally liable only for those debts, obligations, or liabilities of the surviving entity that arise after the effective time of the articles of entity conversion.
Terms Used In South Dakota Codified Laws 47-1A-955.2
- Entity: includes domestic and foreign business corporation. See South Dakota Codified Laws 47-1A-140
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Source: SL 2005, ch 239, § 232.