Current Status Bill Number:4439 Ratification Number:454 Act Number:330 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19980120 Primary Sponsor:Cooper All Sponsors:Cooper Drafted Document Number:bbm\9601sd.98 Date Bill Passed both Bodies:19980527 Date of Last Amendment:19980521 Governor's Action:S Date of Governor's Action:19980609 Subject:Dissolved corporation, former shareholder of; claimant suit and judgment against; Businesses and Corporations
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
------ 19980617 Act No. A330
------ 19980609 Signed by Governor
------ 19980604 Ratified R454
House 19980527 Concurred in Senate amendment,
enrolled for ratification
Senate 19980521 Read third time, returned to House
with amendment
Senate 19980521 Committee amendment adopted
Senate 19980520 Read second time, notice of
general amendments
Senate 19980513 Committee report: Favorable with 11 SJ
amendment
Senate 19980414 Introduced, read first time, 11 SJ
referred to Committee
House 19980409 Read third time, sent to Senate
House 19980408 Read second time, unanimous consent
for third reading on the next
Legislative day
House 19980408 Amended
House 19980408 Request for debate withdrawn
by Representative Young
Simrill
House 19980407 Request for debate by Representative Simrill
Kirsh
Sheheen
Young
Woodrum
Easterday
House 19980401 Committee report: Favorable 25 HJ
House 19980120 Introduced, read first time, 25 HJ
referred to Committee
View additional legislative information at the LPITS web site.
(A330, R454, H4439)
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 33-14-410 SO AS TO REGULATE WHEN A CLAIMANT MAY COMMENCE A SUIT OR OTHER PROCEEDING AGAINST A FORMER SHAREHOLDER OF A DISSOLVED CORPORATION FOR CERTAIN CLAIMS AND TO REGULATE WHEN A CLAIMANT MAY SATISFY A JUDGMENT RENDERED AGAINST A DISSOLVED CORPORATION BY PROCEEDING AGAINST OR JOINING AN INDIVIDUAL SHAREHOLDER, AND TO PROVIDE THAT THE ABOVE PROVISIONS SHALL APPLY TO CORPORATIONS DISSOLVED BEFORE, ON, OR AFTER THE EFFECTIVE DATE OF THIS SECTION.
Be it enacted by the General Assembly of the State of South Carolina:
Actions and judgments against shareholders of dissolved corporations
SECTION 1. The 1976 Code is amended by adding:
Section 33-14-410. Notwithstanding any other provision of this title, a claimant may not commence a suit or other proceeding against a former shareholder of a dissolved corporation for any known or unknown claim arising from the liabilities of the corporation, any acts or omissions of the corporation or acts committed in its name, unless the suit or proceeding is commenced within ten years after the corporation files its articles of dissolution with the Secretary of State or is otherwise judicially or administratively dissolved. Further, a claimant may not satisfy a judgment rendered against a dissolved corporation by proceeding against
or joining an individual shareholder, unless the claimant commences a suit or other proceeding against the dissolved corporation and the shareholders within ten years after the corporation filed its articles of dissolution with the Secretary of State or was otherwise judicially or administratively dissolved.
Time effective and applicability
SECTION 2. This act takes effect upon approval by the Governor, and applies to corporations dissolved before, on, or after the effective date of this section.
Approved the 9th day of June, 1998.