Sec. 12.80. Survival of remedy after dissolution.
157 words·~1 min read·
/il/chapter-805/act-5/12-80A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 12.80. Survival of remedy after dissolution. The dissolution of a corporation either
(1)by filing articles of dissolution in accordance with Section 12.20 of this Act,
(2)by the issuance of a certificate of dissolution in accordance with Section 12.40 of this Act,
(3)by a judgment of dissolution by a circuit court of this State, or
(4)by expiration of its period of duration, shall not take away nor impair any civil remedy available to or against such corporation, its directors, or shareholders, for any right or claim existing, or any liability accrued or incurred, either prior to, at the time of, or after such dissolution if action or other proceeding thereon is commenced within five years after the date of such dissolution. Any such action or proceeding by or against the corporation may be prosecuted or defended by the corporation in its corporate name. This provision does not extend any applicable statute of limitations.