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Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS

Chapter 351

Effective - 01 Jul 2001, see footnote bottom

  351.478.  Known claims against dissolved corporation. — 1.  After dissolution is authorized pursuant to section 351.462, 351.464 or 351.466, or it has been dissolved pursuant to section 351.486, a corporation shall dispose of the known claims against it by following the procedure described in this section.

  2.  The corporation shall notify its known claimants in writing by United States Postal Service of the dissolution at any time after dissolution is authorized.  The written notice must:

  (1)  Describe information that must 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 eighty days from the effective date of the written notice, by which the dissolved corporation must receive the claim; and

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

  3.  Other rules of law, including rules on the permissibility of third-party claims, to the contrary notwithstanding, a claim against a corporation dissolved without fraudulent intent is barred:

  (1)  If a claimant who was given written notice pursuant to subsection 2 of this section does not deliver the claim to the corporation by the deadline;

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

  4.  For purposes of this section, "claim" does not include a contingent liability or a claim based on an event occurring after the effective date of dissolution.

  5.  For purposes of this section, "fraudulent intent" shall be established if it is shown that the sole or primary purpose of the authorization for dissolution was to defraud shareholders, creditors or others.

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(L. 1990 H.B. 1432, A.L. 1995 H.B. 558, A.L. 1996 S.B. 835, A.L. 2001 S.B. 288)

Effective 7-01-01


---- end of effective   01 Jul 2001 ----

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@17:48:56.5 25 :)