§ 17-10-252 — Barring of claims

(a) A person who is or becomes a creditor or claimant
before, during, or following the conclusion of dissolution
proceedings, who does not file a claim or pursue a remedy in a
legal, administrative or arbitration proceeding during the
pendency of the dissolution proceeding or has not initiated a
legal, administrative, or arbitration proceeding before the
commencement of the dissolution proceedings and all those
claiming through or under the creditor or claimant, are forever
barred from suing on that claim or otherwise realizing upon or
enforcing it, except as provided in this section.
(b) Within one (1) year after articles of dissolution have
been filed with the secretary of state pursuant to this article
or a dissolution order has been entered, a creditor or claimant
who shows good cause for not having previously filed the claim
may apply to a court in this state to allow a claim:
(i) Against the cooperative to the extent of
undistributed assets; or
(ii) If the undistributed assets are not sufficient
to satisfy the claim, the claim may be allowed against a member
to the extent of the distributions to members in dissolution
received by the member.
(c) Debts, obligations, and liabilities incurred during
dissolution proceedings shall be paid or provided for by the
cooperative before the distribution of assets to a member. A
person to whom this kind of debt, obligation, or liability is
owed but is not paid may pursue any remedy against the officers,
directors or members of the cooperative before the expiration of
the applicable statute of limitations. This subsection does not
apply to dissolution under the supervision or order of a court.