14A:12-13.1 Creditors barred from suing shareholders of certain dissolved corporations.
125 words·~1 min read·
/nj/title-14a/chapter-12/14a-12-13-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1.
(1)A creditor as defined in subsection
(3)of N.J.S.14A:12-12 or subsection
(b)of N.J.S.14A:14-1, and all those claiming through or under the creditor, shall be forever barred from suing a shareholder on any claim, or otherwise realizing upon or enforcing any claim against a shareholder, unless that claim was filed against the shareholder, pursuant to N.J.S.14A:12-13 or N.J.S.14A:14-15, or otherwise, within five years after the corporation was dissolved.
(2)This section shall not:
(a)apply to claims against shareholders which are in litigation on the effective date of this section;
(b)operate to extend any otherwise applicable statute of limitations; or
(c)affect any rights of creditors under the "Uniform Voidable Transactions Act," R.S.25:2-20 et seq.
L.2001, c.231, s.1; amended 2021, c.92, s.20.