10-1407. Unknown claims against dissolved
corporation


A. A dissolved corporation may also publish notice of its dissolution and request
that persons with claims against the corporation present them in accordance with the
notice.


B. The notice shall:


1. Be published one time in a newspaper of general circulation in the county where
the dissolved corporation's known place of business is or was last located.


2. Describe the information that must be included in a claim and provide a mailing
address where the claim may be sent.


3. State that a claim against the corporation will be barred unless a proceeding to
enforce the claim is commenced within five years after the publication of the notice.


C. If the dissolved corporation publishes a newspaper notice in accordance with
subsection B of this section, the claim of each of the following claimants is barred
unless the claimant commences a proceeding to enforce the claim against the dissolved
corporation within five years after the publication date of the newspaper notice:


1. A claimant who did not receive written notice under section 10-1406.


2. A claimant whose claim was timely sent to the dissolved corporation but not
acted on.


3. A claimant whose claim is contingent or based on an event occurring after the
effective date of the dissolution.


D. A claim, including a contingent claim or a claim based on an event occurring
after the effective date of dissolution, may be enforced under this section either:


1. Against the dissolved corporation to the extent of its undistributed assets.


2. If the assets have been distributed in liquidation, against a shareholder of the
dissolved corporation to the extent of his pro rata share of the claim or the corporate
assets distributed to him in liquidation, whichever is less, but a shareholder's total
liability for all claims under this subsection shall not exceed the total amount of
assets distributed to him.