490A.1306 - KNOWN CLAIMS AGAINST DISSOLVED LIMITED LIABILITY COMPANIES.
490A.1306 KNOWN CLAIMS AGAINST DISSOLVED LIMITED LIABILITY COMPANIES. A dissolved limited liability company may dispose of the known claims against it in accordance with this section. 1. The dissolved limited liability company shall notify its known claimants in writing of the dissolution at any time after its effective date. The written notice must do all of the following: a. Describe information that must be included in a claim. b. Provide a mailing address where a claim may be sent. c. State the deadline, which may not be fewer than one hundred twenty days from the effective date of the written notice, by which the dissolved limited liability company must receive the claim. d. State that the claim will be barred if not received by the deadline. 2. A claim against the dissolved limited liability company is barred if either of the following occurs: a. A claimant who was given written notice under subsection 1 does not deliver the claim to the dissolved limited liability company by the deadline. b. A claimant whose claim was rejected by the dissolved limited liability company does not commence a proceeding to enforce the claim within ninety days from the effective date of the rejection notice. 3. For purposes of this section, "claim" does not include a contingent liability or a claim based on an event occurring after the effective date of dissolution.
Section History: Recent Form 92 Acts, ch 1151, § 73 Referred to in § 490A.1307, 490A.1321