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Indebtedness to shareholder by reason of distribution at parity with indebtedness to general unsecured creditor.

SDCL § 47-1A-640.3
in effect
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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. SL 2005, ch 239, § 83.
Source: South Dakota Legislature (sdlegislature.gov)URL: https://sdlegislature.gov/Statutes/47-1A-640.3Fetched: 10/20/2026

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