§ 5993 — Acceptance or rejection of matured claims

Pennsylvania § 5993

• Jurisdiction: Pennsylvania
• Title 15: CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
• Part: PART II
• Ch. 59: AMENDMENTS, SALE OF ASSETS
• Subch.: POSTDISSOLUTION PROVISION FOR LIABILITIES

Text

(a) Notice.--A dissolved nonprofit corporation or successor entity may reject, in whole or in part, any matured claim made by a claimant pursuant to section 5992 (relating to notice to claimants) by sending notice of the rejection by certified or registered mail, return receipt requested, to the claimant within 90 days after receipt of the claim and, in all events, at least 30 days before the expiration of the two-year period specified in section 5979(a)(2) (relating to survival of remedies and rights after dissolution). A notice sent pursuant to this section shall include or be accompanied by a copy of this subchapter and of section 5979.

(b) Claims barred.--A claim against a dissolved corporation is barred if a claimant whose claim is rejected by the dissolved corporation or successor entity does not commence an action in the court to enforce the claim within 90 days after mailing of the rejection notice.

Legislative History

(Dec. 18, 1992, P.L.1333, No.169, eff. 60 days) Cross References.Section 5993 is referred to in sections 5979, 5997 of this title.