§ 7-90-911 — Disposition of known claims by notification - definitions

Colorado § 7-90-911

• Jurisdiction: Colorado
• Title 07: Corporations
• Art.: Colorado Corporations and Associations Act

Text

(1) A
dissolved domestic entity may dispose of claims against it by following the
procedures described in this section.

(2) A dissolved domestic entity may deliver notice under this subsection (2)
to any person at any time on or after the effective date of the dissolution. The
notice contemplated in this subsection (2) must state that, unless sooner barred by
any other statute limiting actions, any claim of that person against the dissolved
domestic entity will be barred if an action to enforce the claim is not commenced by
a deadline that is stated in the notice, which deadline shall not be less than two
years after the delivery of notice. The notice may contain such other information as
the dissolved entity determines to include, including information regarding
procedures facilitating the processing of claims against the dissolved entity;
except that no obligations on persons having claims against the dissolved entity
shall be imposed or implied that do not exist at law.

(3) Unless sooner barred by any other statute limiting actions, a person's
claim against the dissolved domestic entity is barred if the dissolved entity delivers
a notice of dissolution as contemplated by subsection (2) of this section and an
action to enforce the claim is not commenced by the deadline stated in the notice.

(4) (a) 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. For purposes of this section, an action to enforce a claim includes an
arbitration under any agreement for binding arbitration between the dissolved
domestic entity and the person making the claim and includes a civil action.

(b) For purposes of this section and sections 7-90-912 and 7-90-913,
dissolved domestic entity means a dissolved domestic cooperative other than a
domestic cooperative formed under article 55 of this title, a dissolved domestic
corporation, a dissolved domestic limited liability company, or a dissolved domestic
nonprofit corporation.

Legislative History

Source: L. 2006: Entire section added, p. 876, � 64, effective July 1. L. 2021: (2) amended, (HB 21-1124), ch. 41, p. 162, � 5, effective April 19.