Iowa Code 501.808 – Unknown claims against dissolved cooperative
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1. A dissolved cooperative may also publish notice of its dissolution and request that persons with claims against the cooperative present them in accordance with the notice.
Terms Used In Iowa Code 501.808
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Cooperative: means a cooperative association organized under this chapter or converted to this chapter pursuant to section 501. See Iowa Code 501.101
- 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
- Interest: means a voting interest or other interest in a cooperative as described in the cooperative's articles of association. See Iowa Code 501.101
- Interest holder: means a person who owns an interest in a cooperative, whether or not that interest has voting rights. See Iowa Code 501.101
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
2. The notice must meet all of the following requirements:
a. Be published one time in a newspaper of general circulation in the county where the dissolved cooperative’s principal office or, if not in this state, its registered office is or was last located.
b. Describe the information that must be included in a claim and provide a mailing address where the claim may be sent.
c. State that a claim against the cooperative will be barred unless a proceeding to enforce the claim is commenced within five years after the publication of the notice.
3. If the dissolved cooperative publishes a newspaper notice in accordance with subsection 2, the claim of each of the following claimants is barred unless the claimant commences a proceeding to enforce the claim against the dissolved cooperative within five years after the publication date of the newspaper notice:
a. A claimant who did not receive written notice under section 501.807.
b. A claimant whose claim was timely sent to the dissolved cooperative but not acted on.
c. A claimant whose claim is contingent or based on an event occurring after the effective date of dissolution.
4. A claim may be enforced under this section in either of the following ways:
a. Against the dissolved cooperative, to the extent of its undistributed assets.
b. If the assets have been distributed in liquidation, against an interest holder of the dissolved cooperative to the extent of the interest holder‘s pro rata share of the claim or the cooperative assets distributed to the interest holder in liquidation, whichever is less, but an interest holder’s total liability for all claims under this section shall not exceed the total amount of assets distributed to the interest holder in liquidation.