§ 29–1206.16. Liability for improper distributions.

(a) If a trustee of a statutory trust consents to a distribution made in violation of § 29-1206.15 and in consenting to the distribution fails to comply with § 29-1205.05, the trustee is personally liable to the trust or the series thereof for the amount of the distribution which exceeds the amount that could have been distributed in accordance with § 29-1206.15.

(b) A person that receives a distribution knowing that the distribution was made in violation of § 29-1206.15 is personally liable to the statutory trust or series thereof, but only to the extent that the distribution received by the person exceeded the amount that could have been properly paid under § 29-1206.15.

(c) A person against which an action is commenced because the person is liable under subsection (a) or (b) of this section may implead:

(1) Any other person that is liable under subsection (a) of this section and seek to enforce a right of contribution from that person; and

(2) Any person that received a distribution in violation of subsection (c) of this section and seek to enforce a right of contribution from that person in the amount the person received in violation of subsection (c) of this section.

(d) An action under this section is barred if not commenced not later than 2 years after the distribution.