06.10.050 Unknown Claims Against Dissolved Corporation.
(1) A dissolved corporation under the administrative oversight of the Economic Development and Operations Director may also publish a notice after review and approval by the Economic Development Committee of the corporation’s dissolution and request that persons with claims against the corporation present them in accordance with the notice.
(2) The notice must:
(A) Be distributed once in a newspaper circulated within the primary community of the corporate headquarters.
(A) Describe the information that must be included in a claim and provide a mailing address where the claim may be sent; and
(B) State that a claim against the corporation will be barred unless a proceeding to enforce the claim is commenced within two years after the publication of the notice.
(3) If the dissolved corporation under the administrative oversight of the Economic Development and Operations Director publishes a newspaper notice in accordance with section (2) of this chapter, the claim of each of the following claimants is barred unless the claimant commences a proceeding to enforce the claim against the dissolved corporation within two years after the publication date of the newspaper notice:
(A) A claimant who did not receive written notice under Chapter 06.10.040;
(B) A claimant whose claim was timely sent to the dissolved corporation but not acted on;
(C) A claimant whose claim is contingent or based on an event occurring after the effective date of dissolution.
(3) A claim may be enforced under this section:
(A) Against the dissolved corporation, to the extent of its undistributed assets; or
(B) if the assets have been distributed in liquidation, against a shareholder of the dissolved corporation to the extent of his pro rata share of the claim or the corporate assets distributed to him in liquidation, whichever is less, but a shareholder’s total liability for all claims under this chapter may not exceed the total amount of assets distributed to him.