16-16-1209 - Other claims against dissolved limited cooperative association.
16-16-1209. Other claims against dissolved limited cooperative association.
(1) A dissolved limited cooperative association may publish notice of its dissolution andrequest persons having claims against the association to present them in accordance with thenotice.
(2) A notice under Subsection (1) shall:
(a) be published:
(i) at least once in a newspaper of general circulation in the county in which thedissolved limited cooperative association's principal office is located or, if the association doesnot have a principal office in this state, in the county in which the association's designated officeis or was last located; and
(ii) as required in Section 45-1-101;
(b) describe the information required to be contained in a claim and provide an address towhich the claim is to be sent; and
(c) state that a claim against the association is barred unless an action to enforce theclaim is commenced not later than three years after publication of the notice.
(3) If a dissolved limited cooperative association publishes a notice in accordance withSubsection (2), the claim of each of the following claimants is barred unless the claimantcommences an action to enforce the claim not later than three years after the first publication dateof the notice:
(a) a claimant that is entitled to but did not receive notice in a record under Section16-16-1208; and
(b) a claimant whose claim is contingent or based on an event occurring after theeffective date of dissolution.
(4) A claim not barred under this section may be enforced:
(a) against a dissolved limited cooperative association, to the extent of its undistributedassets; or
(b) if the association's assets have been distributed in connection with winding up theassociation's activities against a member or holder of financial rights to the extent of that person'sproportionate share of the claim or the association's assets distributed to the person in connectionwith the winding up, whichever is less. The person's total liability for all claims under thisSubsection (4) may not exceed the total amount of assets distributed to the person as part of thewinding up of the association.
Amended by Chapter 378, 2010 General Session