Source: https://vacode.org/13.1-692/
Timestamp: 2019-04-18 17:10:57+00:00

Document:
A. A director who votes for or assents to a distribution made in violation of this chapter or the articles of incorporation is personally liable to the corporation and its creditors for the amount of the distribution that exceeds what could have been distributed without violating this chapter or the articles of incorporation if the party asserting liability establishes that when taking the action the director did not comply with § 13.1-690.
2. Recoupment from the shareholders who received the unlawful distribution in proportion to the amounts of such unlawful distribution received by them respectively.
C. No suit shall be brought against any director for any liability imposed by subsection A except within two years after the right of action shall accrue.
D. Contribution or recoupment under subsection B is barred unless it is commenced within one year after the liability of the claimant has been finally adjudicated under subsection A.
Code 1950, §§ 13-206, 13-207, 13.1-44; 1956, c. 428; 1985, c. 522; 2005, c. 765.
If you’re reading this for anything important, you should double-check its accuracy—read § 13.1-692 on the official Code of Virginia website.
. . . Va.Code Ann. §§ 13.1-653 and 13.1-692 (Michie 1989). The district court granted . . .
. . . under Virginia law. Va.Code Ann. § 13.1-692.1 (Michie 1989). . . .
. . . as a corporate creditor of Dulles. Since Code § 13.1-692 allows directors of a corporation to be . . .
. . . creditors under certain circumstances. Code § 13.1-692(A). A director found liable is entitled to . . .
. . . they "vote for or assent to." Va.Code § 13.1-692. . . .
. . . an unlawful distribution of assets under Code § 13.1-692. The Commissioner sought recovery of . . .
. . . statute of limitations, Va.Code Ann. § 13.1-692(C), had extinguished its unlawful distribution . . .
. . . Distribution Act as a core proceeding. . . .
. . . .Code § 13.1-692. It could arise also under the common law theory, of which Va.Code § 13.1-692 is . . .
. . . breach of fiduciary duty in violation of Va.Code § 13.1-692 (Count I), (ii) breach of fiduciary . . .

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