Arkansas § 4-38-706 Court proceedings

Arkansas Statutes

§ 4-38-706 — Court proceedings

Arkansas § 4-38-706

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This text of Arkansas § 4-38-706 (Court proceedings) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 4-38-706 (2026).

Text

(a)A dissolved limited liability company that has published a notice under § 4-38-705 may file an application with the circuit court in the county where the company's principal office is located or, if the principal office is not located in this state, where the office of its registered agent is or was last located, for a determination of the amount and form of security to be provided for payment of claims that are reasonably expected to arise after the date of dissolution based on facts known to the company and:

(1)at the time of application:

(A)are contingent; or (B) have not been made known to the company; or (2) are based on an event occurring after the date of dissolution.

(b)Security is not required for any claim that is or is reasonably anticipated to be barred under § 4-38-705

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(a) A dissolved limited liability company that has published a notice under § 4-38-705 may file an application with the circuit court in the county where the company's principal office is located or, if the principal office is not located in this state, where the office of its registered agent is or was last located, for a determination of the amount and form of security to be provided for payment of claims that are reasonably expected to arise after the date of dissolution based on facts known to the company and: (1) at the time of application: (A) are contingent; or (B) have not been made known to the company; or (2) are based on an event occurring after the date of dissolution. (b) Security is not required for any claim that is or is reasonably anticipated to be barred under § 4-38-705 . (c) Not later than 10 days after the filing of an application under subsection (a), the dissolved limited liability company shall give notice of the proceeding to each claimant holding a contingent claim known to the company. (d) In a proceeding under this section, the court may appoint a guardian ad litem to represent all claimants whose identities are unknown. The reasonable fees and expenses of the guardian, including all reasonable expert witness fees, must be paid by the dissolved limited liability company. (e) A dissolved limited liability company that provides security in the amount and form ordered by the court under subsection (a) satisfies the company's obligations with respect to claims that are contingent, have not been made known to the company, or are based on an event occurring after the date of dissolution, and such claims may not be enforced against a member or transferee on account of assets received in liquidation.