Iowa Code 490.1406 – Known claims against dissolved corporation
Current as of: 2024 | Check for updates
|
Other versions
1. A dissolved corporation may dispose of the known claims against it by notifying its known claimants in writing of the dissolution at any time after its effective date.
Terms Used In Iowa Code 490.1406
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- dissolved corporation: means a corporation whose articles of dissolution have become effective and includes a successor entity to which the remaining assets of the corporation are transferred subject to its liabilities for purposes of liquidation. See Iowa Code 490.1403
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Proceeding: includes a civil suit and criminal, administrative, and investigatory action. See Iowa Code 490.140
- written: means any information in the form of a document. See Iowa Code 490.140
2. The written notice must do all of the following:
a. Describe information that must be included in a claim.
b. Provide a mailing address where a claim may be sent.
c. State the deadline, which must not be fewer than one hundred twenty days after the written notice is effective, by which the dissolved corporation shall receive the claim.
d. State that the claim will be barred if not received by the deadline.
3. A claim against the dissolved corporation is barred if any of the following occurs:
a. A claimant who was given written notice under subsection 2 does not deliver the claim to the dissolved corporation by the deadline.
b. A claimant whose claim was rejected by the dissolved corporation does not commence a proceeding to enforce the claim within ninety days after the rejection notice is effective.
4. As used in this section, “claim” does not include a contingent liability or a claim based on an event occurring after the effective date of dissolution.