South Carolina § 33-14-107 Unknown claims against dissolved corporation.

South Carolina Statutes

§ 33-14-107 — Unknown claims against dissolved corporation.

South Carolina·Title 33 CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS·Ch. 14 DISSOLUTION

(a)A dissolved corporation may publish notice of its dissolution and request that persons with claims against the corporation present them in accordance with the notice.

(b)The notice must:

(1)be published once in a newspaper of general circulation in the county where the dissolved corporation's principal office (or, if none in this State, its registered office) is or was last located;

(2)describe the information that must be included in a claim and provide a mailing address where the claim may be sent; and (3) state that a claim against the corporation is barred unless a proceeding to enforce the claim is commenced within five years after the publication of the notice.

(c)If the dissolved corporation publishes a newspaper notice in accordance with subsection (b), the claim of each of

Free access — add to your briefcase to read the full text and ask questions with AI

(a) A dissolved corporation may publish notice of its dissolution and request that persons with claims against the corporation present them in accordance with the notice. (b) The notice must: (1) be published once in a newspaper of general circulation in the county where the dissolved corporation's principal office (or, if none in this State, its registered office) is or was last located; (2) describe the information that must be included in a claim and provide a mailing address where the claim may be sent; and (3) state that a claim against the corporation is barred unless a proceeding to enforce the claim is commenced within five years after the publication of the notice. (c) If the dissolved corporation publishes a newspaper notice in accordance with subsection (b), the claim of each of the following claimants is barred unless the claimant commences a proceeding to enforce the claim against the dissolved corporation within ten years after the publication date of the newspaper notice: (1) a claimant who did not receive written notice pursuant to Section 33-14-106; (2) a claimant whose claim was timely sent to the dissolved corporation but not acted on; and (3) a claimant whose claim is contingent or based on an event occurring after the effective date of the dissolution. (d) A claim may be enforced under this section: (1) against the dissolved corporation to the extent of its undistributed assets; or (2) if the assets have been distributed in liquidation, against a shareholder of the dissolved corporation to the extent of his pro rata share of the claim or the corporate assets distributed to him in liquidation, whichever is less, but a shareholder's total liability for all claims under this section may not exceed the total amount of assets distributed to him.

South Carolina § 33-14-107 (Unknown claims against dissolved corporation.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: Derived from 1976 Code SECTION 33-21-60 [1962 Code SECTION 12-22.6; 1962 (52) 1996; 1963 (53) 327; 1981 Act No. 146, SECTION 2; Repealed, 1988 Act No. 444, SECTION 4(1)]; 1988 Act No. 444, SECTION 2; 2004 Act No. 221, SECTION 18. ARTICLE 2 Administrative Dissolution