16-10a-1408 - Enforcement of claims against dissolved corporations. - Utah Statutes

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Statutes > Utah > Title-16 > Chapter-10a > 16-10a-1408

16-10a-1408. Enforcement of claims against dissolved corporations.
A claim may be enforced:
(1) under Section 16-10a-1406 or 16-10a-1407 against the dissolved corporation, to theextent of its undistributed assets; or
(2) against a shareholder of the dissolved corporation, if the assets have been distributedin liquidation; but a shareholder's total liability for all claims under this section may not exceedthe total value of assets distributed to him, as that value is determined at the time of distribution. Any shareholder required to return any portion of the value of assets received by him inliquidation shall be entitled to contribution from all other shareholders. The contributions shall bein accordance with the shareholders' respective rights and interests and may not exceed the valueof the assets received in liquidation.

Amended by Chapter 79, 1996 General Session

State Codes and Statutes

Statutes > Utah > Title-16 > Chapter-10a > 16-10a-1408

16-10a-1408. Enforcement of claims against dissolved corporations.
A claim may be enforced:
(1) under Section 16-10a-1406 or 16-10a-1407 against the dissolved corporation, to theextent of its undistributed assets; or
(2) against a shareholder of the dissolved corporation, if the assets have been distributedin liquidation; but a shareholder's total liability for all claims under this section may not exceedthe total value of assets distributed to him, as that value is determined at the time of distribution. Any shareholder required to return any portion of the value of assets received by him inliquidation shall be entitled to contribution from all other shareholders. The contributions shall bein accordance with the shareholders' respective rights and interests and may not exceed the valueof the assets received in liquidation.

Amended by Chapter 79, 1996 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-16 > Chapter-10a > 16-10a-1408

16-10a-1408. Enforcement of claims against dissolved corporations.
A claim may be enforced:
(1) under Section 16-10a-1406 or 16-10a-1407 against the dissolved corporation, to theextent of its undistributed assets; or
(2) against a shareholder of the dissolved corporation, if the assets have been distributedin liquidation; but a shareholder's total liability for all claims under this section may not exceedthe total value of assets distributed to him, as that value is determined at the time of distribution. Any shareholder required to return any portion of the value of assets received by him inliquidation shall be entitled to contribution from all other shareholders. The contributions shall bein accordance with the shareholders' respective rights and interests and may not exceed the valueof the assets received in liquidation.

Amended by Chapter 79, 1996 General Session