South Dakota § 47-34A-807 Known claims against dissolved limited liability company.

South Dakota Statutes

§ 47-34A-807 — Known claims against dissolved limited liability company.

South Dakota·Title 47 CORPORATIONS·Ch. 47-34 UNIFORM LIMITED LIABILITY COMPANY ACT

(a)A dissolved limited liability company may dispose of the known claims against it by following the procedure described in this section.

(b)A dissolved limited liability company shall notify its known claimants in writing of the dissolution. The notice must:

(1)Specify the information required to be included in a claim;

(2)Provide a mailing address where the claim is to be sent;

(3)State the deadline for receipt of the claim, which may not be less than one hundred twenty days after the date the written notice is received by the claimant; and (4) State that the claim will be barred if not received by the deadline.

(c)A claim against a dissolved limited liability company is barred if the requirements of subsection (b) are met, and:

(1)The claim is not received by the s

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(a) A dissolved limited liability company may dispose of the known claims against it by following the procedure described in this section. (b) A dissolved limited liability company shall notify its known claimants in writing of the dissolution. The notice must: (1) Specify the information required to be included in a claim; (2) Provide a mailing address where the claim is to be sent; (3) State the deadline for receipt of the claim, which may not be less than one hundred twenty days after the date the written notice is received by the claimant; and (4) State that the claim will be barred if not received by the deadline. (c) A claim against a dissolved limited liability company is barred if the requirements of subsection (b) are met, and: (1) The claim is not received by the specified deadline; or (2) In the case of a claim that is timely received but rejected by the dissolved company, the claimant does not commence a proceeding to enforce the claim within ninety days after the receipt of the notice of the rejection. (d) 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.

South Dakota § 47-34A-807 (Known claims against dissolved limited liability company.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.