§428-808 Notice; other claims against dissolved limited liability company.

371 words·~2 min read·/hi/chapter-428/428-808

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 intends to terminate may publish notice of its intent to terminate and request persons having claims against the company to present them in accordance with the notice.

(b)The notice shall:

(1)Be published at least once in each of four successive weeks (four publications) in a daily or weekly publication of statewide circulation or in separate daily or weekly publications whose combined circulation is statewide;

(2)Describe the information required to be contained in a claim and provide a mailing address where the claim is to be sent; and

(3)State that a claim against the limited liability company is barred unless a proceeding to enforce the claim is commenced within two years after the later of the last publication date of the notice or the date of filing of the articles of termination.

(c)If a dissolved limited liability company publishes a notice in accordance with subsection (b), the claim of each of the following claimants is barred unless the claimant commences a proceeding to enforce the claim against the dissolved company within two years after the later of the last publication date of the notice or the date of filing of the articles of termination:

(1)A claimant who did not receive written notice under section 428-807;

(2)A claimant whose claim was timely sent to the dissolved company but not acted on; and

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

(d)A claim not barred under this section may be enforced:

(1)Against the dissolved limited liability company, to the extent of its undistributed assets; or

(2)If the assets have been distributed in liquidation, against a member of the dissolved company to the extent of the member's proportionate share of the claim or the company's assets distributed to the member in liquidation, whichever is less; provided that a member's total liability for all claims under this section may not exceed the total amount of assets distributed to the member. [L 1996, c 92, pt of §1; am L 2000, c 219, §76; am L 2001, c 129, §96]