Section 47-1A-640.3 - Indebtedness to shareholder by reason of distribution at parity withindebtedness to general unsecured creditor. - South Dakota Statutes

47-1A-640.3. Indebtedness to shareholder by reason of distribution at parity with indebtedness to general unsecured creditor. A corporation's indebtedness to a shareholder incurred by reason of a distribution made in accordance with §§ 47-1A-640 to 47-1A-640.5, inclusive, is at parity with the corporation's indebtedness to its general, unsecured creditors except to the extent subordinated by agreement.

Source: SL 2005, ch 239, § 83.