10-1406

10-1406. Known claims against dissolved
corporation; definition

A. A dissolved corporation may dispose of the known claims against it by following
the procedure described in this section.

B. The dissolved corporation shall notify its known claimants in writing of the
dissolution at any time and from time to time after its effective date. The written
notice shall:

1. Describe information that shall be included in a claim.

2. Provide a mailing address where a claim may be sent.

3. State the deadline, which may not be fewer than one hundred twenty days from the
effective date of the written notice, by which the dissolved corporation must receive the
claim.

4. State that the claim will be barred if not received by the deadline.

C. A claim against the dissolved corporation is barred either:

1. If a claimant who was given written notice under subsection B does not deliver
the claim to the dissolved corporation by the deadline.

2. If a claimant whose claim was rejected by the dissolved corporation does not
commence a proceeding to enforce the claim within ninety days from the effective date of
the rejection notice.

D. For purposes of this section, "claim" does not include a contingent
claim. Notwithstanding the foregoing, a claim that is contingent as of the effective
date of dissolution but later ripens into a known claim or a claim based on an event
occurring after the effective date of dissolution may be disposed of by the dissolved
corporation by following the procedures described in subsections B and C.