15A:12-19. Barring of claims of creditors
175 words·~1 min read·
/nj/title-15a/chapter-12/15a-12-19·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
a. Any creditor as defined in subsection c. of section 15A:12-18 who does not file a claim as provided in the notice given pursuant to section 15A:12-18, and all those claiming through or under that creditor, shall be forever barred from suing on the claim or otherwise realizing upon or enforcing it except, in the case of a creditor who shows good cause for not having previously filed a claim, to the extent as the Superior Court may allow:
(1)Against the corporation to the extent of any undistributed assets; or
(2)If the undistributed assets are not sufficient to satisfy the claim, against a member or other person, corporation or corporate business entity to the extent of the distributee's ratable part of the claim, out of the assets of the corporation distributed to the distributee in liquidation or dissolution.
b. This section shall not apply to claims which are in litigation on the date of the first publication of the notice pursuant to section 15A:12-18.
L.1983, c. 127, s. 15A:12-19, eff. Oct. 1, 1983.