§ 1208.
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/vt/1208A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 1208. Known claims against dissolved mutual benefit enterprise
(a)Subject to subsection
(d)of this section, a dissolved mutual benefit enterprise may dispose of the known claims against it by following the procedure in subsections
(b)and
(c)of this section.
(b)A dissolved mutual benefit enterprise shall notify its known claimants of the dissolution in a record. The notice shall:
(1)specify that a claim be in a record;
(2)specify the information required to be included in the claim;
(3)provide an address to which the claim shall be sent;
(4)state the deadline for receipt of the claim, which may not be less than 120 days after the date the notice is received by the claimant; and
(5)state that the claim will be barred if not received by the deadline.
(c)A claim against a dissolved mutual benefit enterprise is barred if the requirements of subsection
(b)of this section are met, and:
(1)the enterprise is not notified of the claimant’s claim, in a record, by the deadline specified in the notice under subdivision (b)(4) of this section;
(2)in the case of a claim that is timely received but rejected by the enterprise, the claimant does not commence an action to enforce the claim against the enterprise within 90 days after receipt of the notice of the rejection; or
(3)if a claim is timely received but is neither accepted nor rejected by the enterprise within 120 days after the deadline for receipt of claims, the claimant does not commence an action to enforce the claim against the enterprise:
(A)after the 120-day period; and
(B)within 90 days after the 120-day period.
(d)This section does not apply to a claim based on an event occurring after the date of dissolution or a liability that is contingent on that date. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)