§ 1007 — Notice to creditors; filing or barring claims

New York § 1007

• Jurisdiction: New York
• Law BSC: Business Corporation
• Art. 10: Non-judicial Dissolution

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§ 1007. Notice to creditors; filing or barring claims.\n (a) At any time after dissolution, the corporation may give a notice\nrequiring all creditors and claimants, including any with unliquidated\nor contingent claims and any with whom the corporation has unfulfilled\ncontracts, to present their claims in writing and in detail at a\nspecified place and by a specified day, which shall not be less than six\nmonths after the first publication of such notice. Such notice shall be\npublished at least once a week for two successive weeks in a newspaper\nof general circulation in the county in which the office of the\ncorporation was located at the date of dissolution. On or before the\ndate of the first publication of such notice, the corporation shall mail\na copy thereof, postage prepaid and addressed to his last known address,\nto each person believed to be a creditor of or claimant against the\ncorporation whose name and address are known to or can with due\ndiligence be ascertained by the corporation. The giving of such notice\nshall not constitute a recognition that any person is a proper creditor\nor claimant, and shall not revive or make valid, or operate as a\nrecognition of the validity of, or a waiver of any defense or\ncounterclaim in respect of any claim against the corporation, its\nassets, directors, officers or shareholders, which has been barred by\nany statute of limitations or become invalid by any cause, or in respect\nof which the corporation, its directors, officers or shareholders, has\nany defense or counterclaim.\n (b) Any claims which shall have been filed as provided in such notice\nand which shall be disputed by the corporation may be submitted for\ndetermination to the supreme court under section 1008 (Jurisdiction of\nsupreme court to supervise dissolution and liquidation). A claim filed\nby the trustee or paying agent for the holders of bonds or coupons shall\nhave the same effect as if filed by the holder of any such bond or\ncoupon. Any person whose claim is, at the date of the first publication\nof such notice, barred by any statute of limitations is not a creditor\nor claimant entitled to any notice under this section or section 1008.\nThe claim of any such person and all other claims which are not timely\nfiled as provided in such notice except claims which are the subject of\nlitigation on the date of the first publication of such notice, and all\nclaims which are so filed but are disallowed by the court under section\n1008, shall be forever barred as against the corporation, its assets,\ndirectors, officers and shareholders, except to such extent, if any, as\nthe court may allow them against any remaining assets of the corporation\nin the case of a creditor who shows satisfactory reason for his failure\nto file his claim as so provided. If the court requires a further notice\nunder section 1008, any reference to a notice in this section shall, to\nthe extent that the court so orders, mean such further notice, except\nthat a claim which has been filed in accordance with a notice under this\nsection need not be refiled under such further notice.\n (c) Notwithstanding this section and section 1008, tax claims and\nother claims of this state, of the United States and of the department\nof finance of the city of New York shall not be required to be filed\nunder those sections, and such claims shall not be barred because not so\nfiled, and distribution of the assets of the corporation, or any part\nthereof, may be deferred until determination of any such claims.\n (d) Laborer's wages shall be preferred claims and entitled to payment\nbefore any other creditors out of the assets of the corporation in\nexcess of valid prior liens or encumbrances.\n