South Carolina General Assembly
112th Session, 1997-1998

Bill 4439


                    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

History


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House   19980408  Request for debate withdrawn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.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(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.