Sec. 10.20.450. Survival of remedy after dissolution.

179 words·~1 min read·/ak/title-10/chapter-20/10-20-450

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The dissolution of a corporation either by

(1)the issuance of a certificate of dissolution by the commissioner, or

(2)a decree of the court when the court has not liquidated the assets and business of the corporation as provided in this chapter, or

(3)by expiration of its period of duration, does not take away or impair a remedy available to or against the corporation, its directors, officers, or members, for a right or claim existing, or a liability incurred, before dissolution if an action or other proceeding is commenced within two years after the date of dissolution. The action or proceeding by or against the corporation may be prosecuted or defended by the corporation in its corporate name. The members, directors, and officers may take appropriate action to protect the remedy, right, or claim. If the corporation was dissolved by the expiration of its period of duration, it may amend its articles of incorporation at any time during the two year period in order to extend its period of duration.