What is the statute of limitations for an action against a director of a corporation?
California, United States of America
The following excerpt is from Smith v. Superior Court, 217 Cal.App.3d 950, 266 Cal.Rptr. 253 (Cal. App. 1990):
A "liability created by law" is one which exists by virtue of an express statute but does not extend to actions arising under the common law. (Coombes v. Getz (1933) 217 Cal. 320, 333, 18 P.2d 939.) By its plain language, the three-year statute of limitations in section 359 applies where there is a statutory basis for actions against directors, shareholders, or members of a corporation.
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