29-3706. Court proceedings

308 words·~1 min read·/az/title-29/29-3706

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

A. A dissolved limited liability company that has filed and published a notice under section 29-3705 may file an application with the superior court in the county where the company's principal address is located or, if the principal address is not located in this state, in the county where the office of its statutory agent is or was last located for a determination of the amount and form of security to be provided for the payment of claims that are reasonably expected to arise after the date of dissolution based on facts known to the company and that either:

1. At the time of application either:

(a)Are contingent.

(b)Have not been made known to the company.

2. Are based on an event occurring after the date of dissolution.

B. Security is not required for any claim that is or is reasonably anticipated to be barred under section 29-3705.

C. Not later than ten days after the filing of an application under subsection A of this section, the dissolved limited liability company shall give notice of the proceeding to each claimant holding a contingent claim known to the company.

D. In a proceeding under this section, the court may appoint a person to represent all claimants whose identities are unknown. The reasonable fees and expenses of the person, including all reasonable expert witness fees, must be paid by the dissolved limited liability company.

E. A dissolved limited liability company that provides security in the amount and form ordered by the court under subsection A of this section satisfies the company's obligations with respect to claims that are contingent, have not been made known to the company or are based on an event occurring after the date of dissolution and such claims may not be enforced against a member or transferee on account of assets received in liquidation.