§ 33-14-420 — Claims against former shareholder of dissolved corporation.

Notwithstanding another provision of this title, a claimant may not commence a suit or other proceeding against a former shareholder of a dissolved corporation for any known or unknown claim arising from the liabilities of the corporation, acts or omissions of the corporation, or acts committed in its name if the corporation filed its articles of dissolution with the Secretary of State before January 1, 1989, or was otherwise judicially or administratively dissolved before January 1, 1989. Further, a claimant may not satisfy a judgment rendered against a dissolved corporation by proceeding against or joining an individual shareholder if the corporation filed its articles of dissolution with the Secretary of State before January 1, 1989, or was otherwise judicially or administratively dissolved before January 1, 1989.

Legislative History

HISTORY: 2005 Act No. 145, SECTION 41.A, eff June 7, 2005. Editor's Note 2005 Act No. 145, SECTION 41.B, provides as follows: "This section takes effect upon approval by the Governor, and applies to corporations dissolved before, on, or after the effective date of this section."