21-2992. Other claims against dissolved limited cooperative association.

352 words·~2 min read·/ne/chapter-21/21-2992

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

(1)A dissolved limited cooperative association shall publish notice of its dissolution and may request persons having claims against the limited cooperative association to present them in accordance with the notice.

(2)The notice shall:

(a)Be published at least once in a newspaper of general circulation in the county in which the dissolved limited cooperative association's principal office is located or, if it has none in this state, in the county in which the limited cooperative association's designated office is or was last located;

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

(c)State that a claim against the limited cooperative association is barred unless an action to enforce the claim is commenced within three years after publication of the notice.

(3)If a dissolved limited cooperative association publishes a notice in accordance with subsection

(2)of this section, the claim of each of the following claimants is barred, unless the claimant commences an action to enforce the claim against the dissolved limited cooperative association within three years after the publication date of the notice:

(a)A claimant that did not receive notice in a record under section 21-2991 ;

(b)A claimant whose claim was timely sent to the dissolved limited cooperative association but not acted on; and

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

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

(a)Against the dissolved limited cooperative association, to the extent of its undistributed assets; or

(b)If the assets have been distributed in liquidation, against a member or transferee of financial rights to the extent of that person's proportionate share of the claim or the limited cooperative association's assets distributed to the member or transferee in liquidation, whichever is less, but a person's total liability for all claims under this subsection does not exceed the total amount of assets distributed to the person as part of the winding up of the dissolved limited cooperative association.