Sec. 12.75. Known claims against dissolved corporation.
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/il/chapter-805/act-5/12-75A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 12.75. Known claims against dissolved corporation.
(a)A dissolved corporation may bar any known claim against it, its directors, officers, employees or agents, or its shareholders or their transferees, by following the procedures set forth in subsections
(b)and
(c)of this Section.
A claimant that does not deliver its claim by the deadline established pursuant to subsection
(b)or that does not file suit by the deadline established pursuant to subsection
(c)shall have no further rights against the dissolved corporation, its directors, officers, employees or agents, or its shareholders or their transferees.
(b)Within 60 days from the effective date of dissolution, the dissolved corporation shall send a notification to the claimant setting forth the following information:
(1)The corporation has been dissolved and the effective date thereof.
(2)The mailing address to which the claimant must send its claim and the essential information to be submitted with the claim.
(3)The deadline, not less than 120 days from the effective date of dissolution, by which the dissolved corporation must receive the claim.
(4)A statement that the claim will be barred if not received by the deadline.
(c)If, after complying with the procedure in subsection (b), the dissolved corporation rejects the claim in whole or in part, the dissolved corporation shall notify the claimant of such rejection and shall also notify the claimant that the claim shall be barred unless the claimant files suit to enforce the claim within a deadline not less than 90 days from the date of the rejection notice.
(d)For purposes of this Section, "claim" does not include any contingent liability or a claim arising after the effective date of dissolution or a claim arising from the failure of the corporation to pay any tax, penalty, or interest related to any tax or penalty.
(e)This Section shall not apply to claims arising out of violations of the criminal law.