H*4439(Rat #0454, Act #0330 of 1998)  General Bill, By Cooper
 A BILL 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 AND INDIVIDUAL
 SHAREHOLDER, AND PROVIDE THAT THE ABOVE PROVISIONS SHALL APPLY TO CORPORATIONS
 DISSOLVED BEFORE, ON, OR AFTER THE EFFECTIVE DATE OF THIS SECTION.-AMENDED
 TITLE

   01/20/98  House  Introduced and read first time HJ-12
   01/20/98  House  Referred to Committee on Judiciary HJ-13
   04/01/98  House  Committee report: Favorable Judiciary HJ-4
   04/07/98  House  Requests for debate-Rep(s). Simrill, Kirsh,
                     Sheheen, Young, Woodrum & Easterday HJ-405
   04/08/98  House  Requests for debate removed-Rep(s). Young &
                     Simrill HJ-32
   04/08/98  House  Amended HJ-32
   04/08/98  House  Read second time HJ-33
   04/08/98  House  Unanimous consent for third reading on next
                     legislative day HJ-33
   04/09/98  House  Read third time and sent to Senate HJ-2
   04/14/98  Senate Introduced and read first time SJ-6
   04/14/98  Senate Referred to Committee on Judiciary SJ-6
   05/13/98  Senate Committee report: Favorable with amendment
                     Judiciary SJ-23
   05/20/98  Senate Read second time SJ-35
   05/20/98  Senate Ordered to third reading with notice of
                     amendments SJ-35
   05/21/98  Senate Amended SJ-10
   05/21/98  Senate Read third time and returned to House with
                     amendments SJ-10
   05/27/98  House  Concurred in Senate amendment and enrolled HJ-55
   06/04/98         Ratified R 454
   06/09/98         Signed By Governor
   06/17/98         Effective date 06/09/98 and applies to
                     corporations dissolved before, on or after the
                     effective date of this section
   06/17/98         Copies available
   06/17/98         Act No. 330

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.