§ 8876. Court proceedings.

305 words·~1 min read·/pa/title-15/chapter-88/8876

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

(a)Determination of security.-- A dissolved limited liability company that has officially published a notice under section 8875 (relating to other claims against dissolved limited liability company) may file an application with the court for a determination of the amount and form of security to be provided for payment of claims that are reasonably expected to arise after the date of dissolution based on facts known to the company and:

(1)at the time of application:

(i)are contingent; or

(ii)have not been made known to the company; or

(2)are based on an event occurring after the effective date of dissolution.

(b)When security not required.-- Security is not required for any claim that is or is reasonably anticipated to be barred under section 8875(c).

(c)Notice.-- Within 10 days after the filing of an application under subsection (a), the dissolved limited liability company shall give notice of the proceeding to each claimant holding a contingent claim known to the company.

(d)Guardian ad litem.-- In any proceeding under this section, the court may appoint a guardian ad litem to represent all claimants whose identities are unknown. The reasonable fees and expenses of the guardian, including all reasonable expert witness fees, must be paid by the dissolved limited liability company.

(e)Effect on contingent claims.-- A dissolved limited liability company that provides security in the amount and form ordered by the court under subsection

(a)satisfies the company's obligations with respect to claims that are contingent, have not been made known to the company or are based on an event occurring after the effective date of dissolution. The claims may not be enforced against a member or transferee that received assets in liquidation.

15c8876v

Cross References. Section 8876 is referred to in sections 8845, 8875 of this title.

15c8877s