California Corporations Code
§ 5420
CORP § 5420 Effective Jan 1, 2016Div. 2 · Title 1 · Part 2 · Ch. 4 · Art. 2
Statute text
View on leginfo.ca.gov(a)Any person who receives any distribution is liable to the corporation for the amount so received by such person with interest thereon at the legal rate on judgments until paid.
(b)Suit may be brought in the name of a corporation by a creditor, a director, the Attorney General, or, subject to meeting the requirements of Section 5710, a member. In any such action in addition to the remedy provided in subdivision (a), the court may award punitive damages for the benefit of the corporation against any director, officer, member or other person who with intent to defraud the corporation caused, received or aided and abetted in the making of any distribution.
(c)Any person sued under this section may implead all other persons liable under this section and may in the absence of fraud by a moving party compel contribution, either in that action or in an independent action against persons not joined in the action.
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Legislative history
Amended by Stats. 2015, Ch. 44, Sec. 19. (SB 161) Effective January 1, 2016.