Liability for Improper Distributions; Limitation of Action

(a)If a director of a limited cooperative association consents to a distribution made in violation of § 171007 and in consenting to the distribution fails to comply with § 17818, the director is personally liable to the association for the amount of the distribution that exceeds the amount that could have been distributed without the violation of § 171007. CH. 17 THE GUAM UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT

(b)A person that receives a distribution knowing that the distribution violated § 171007 is personally liable to the limited cooperative association but only to the extent that the distribution received by the person exceeded the amount that could have been properly paid under § 171007.

(c)A director against whom an action is commenced because the director is liable under Subsection

(a)of this Section may:

(1)implead any other director that is liable under Subsection

(a)of this Section and seek to enforce a right of contribution from the director; and

(2)implead any person that received a distribution in violation of Subsection

(b)of this Section and seek to enforce a right of contribution from the person in the amount the person received in violation of Subsection

(b)of this Section.

(d)An action under this Section is barred unless commenced not later than two

(2)years after the distribution.