8.25.050 Known claims against dissolved corporation.
(a) A dissolved corporation may dispose of known claims against it by following the procedures set forth in this section.
(b) The dissolved corporation shall notify any and all known claimants, in writing, of the dissolution at any time after its effective date.
(c) The written notice must:
(1) Describe, with particularity, information that must be included in a claim;
(2) Provide a mailing address where a claim may be sent;
(3) State the deadline for submitting a claim to the corporation, which may not be less than 120 days from the effective date of the written notice; and
(4) Expressly state that the claim will be barred if not received by the deadline.
(d) A claim against the dissolved corporation is barred:
(1) If the claimant was given written notice under subsection (c) of this section and fails to deliver the claim to the dissolved corporation by the deadline; or
(2) If the claimant whose claim was rejected by the dissolved corporation fails to commence a proceeding to enforce the claim within 90 days from the effective date of the rejection notice.
(e) For purposes of this section, “claim” does not include a contingent liability, or claim, based on an event occurring after the effective date of dissolution. [Ord. 18 Part V § 5, adopted, 10/7/2008.]