§ 23-1-45-6 — Disposition of known claims; procedure

Indiana § 23-1-45-6

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 1: INDIANA BUSINESS CORPORATION LAW
• Ch. 45: Voluntary Dissolution

Text

(a) A dissolved corporation may dispose of the
known claims against it by following the procedure described in this
section.
(b) The dissolved corporation shall notify its known claimants in
writing of the dissolution at any time after its effective date. The
written notice must:
(1) specify the amount that the dissolved corporation believes will
satisfy the claim;
(2) inform the creditor that it has the right to dispute the amount
of the claim and describe the procedure for disputing the amount
of the claim;
(3) provide a mailing address where a dispute of the amount of
the claim may be sent;
(4) state the deadline, which may not be fewer than sixty (60)
days after the effective date of the written notice, by which the
dissolved corporation must receive the dispute of the amount of
the claim; and
(5) state that the claim will be fixed at the amount specified by the
dissolved corporation if a dispute of the amount of the claim is not
received by the deadline.
(c) If the amount of the claim is disputed, the claimant must notify
the dissolved corporation of the dispute by the deadline. If the
dissolved corporation rejects the disputed amount, the claimant must
commence a proceeding to enforce the claim within ninety (90) days
after the effective date of the dissolved corporation's rejection notice.
(d) The amount of the claim is fixed if:
(1) the claimant does not notify the dissolved corporation by the
deadline; or
(2) the claimant who has notified the dissolved corporation of a
dispute and has received a rejection notice does not commence a
proceeding within ninety (90) days from the effective date of the
rejection notice.
(e) Regardless of a dispute in the amount of the claim, the dissolved
corporation must tender to the claimant the amount of the claim as set
forth by the dissolved corporation in the notice of claim within thirty
(30) days after the earliest of the following dates:
(1) The date that the claim becomes fixed.
(2) The date that the claimant commences the proceeding to
enforce the claim.
(f) 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.

Legislative History

As added by P.L.149-1986, SEC.29.