§ 17-29-703 — Known claims against dissolved limited liability company

(a) Except as otherwise provided in subsection (d) of this
section, a dissolved limited liability company may give notice
of a known claim under subsection (b) of this section, which has
the effect as provided in subsection (c) of this section.
(b) A dissolved limited liability company may in a record
notify its known claimants of the dissolution. The notice
shall:
(i) Specify the information required to be included
in a claim;
(ii) Provide a mailing address to which the claim is
to be sent;
(iii) State the deadline for receipt of the claim,
which may not be less than one hundred twenty (120) days after
the date the notice is received by the claimant; and
(iv) 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) of this section
are met and:
(i) The claim is not received by the specified
deadline; or
(ii) If the claim is timely received but rejected by
the company:
(A) The company causes the claimant to receive a
notice in a record stating that the claim is rejected and will
be barred unless the claimant commences an action against the
company to enforce the claim within ninety (90) days after the
claimant receives the notice; and
(B) The claimant does not commence the required
action within the ninety (90) days.
(d) This section does not apply to a claim based on an
event occurring after the effective date of dissolution or a
liability that on that date is contingent.