Kentucky Statutes 272A.12-090 – Unknown claims against dissolved limited cooperative association
Current as of: 2024 | Check for updates
|
Other versions
(1) A dissolved limited cooperative association may publish notice of its dissolution and request persons having claims against the association to present them in accordance with the notice.
(2) A notice under subsection (1) of this section shall:
(a) Be published at least once in a newspaper of general circulation in the county in which the dissolved limited cooperative association’s principal office is located or, if the association does not have a principal office in the Commonwealth, in the county in which the association’s registered office is or was last located;
(b) Provide the name of the association and describe the information required to be contained in a claim and provide an address to which the claim is to be sent; and
(c) State that a claim against the association is barred unless an action to enforce the claim is commenced not later than two (2) years after publication of the notice.
(3) If a dissolved limited cooperative association publishes a notice in accordance with subsection (2) of this section, the claim of each of the following claimants is barred unless the claimant commences an action to enforce the claim not later than three (3) years after the first publication date of the notice:
(a) A claimant that is entitled to but did not receive notice in a record under KRS
272A.12-080; or
(b) A claimant whose claim is contingent or based on an event occurring after the effective date of dissolution.
(4) A claim not barred under this section may be enforced:
(a) Against a dissolved limited cooperative association, to the extent of its undistributed assets; or
(b) If the association’s assets have been distributed in connection with winding up, against a member or holder of financial rights to the extent of that person’s proportionate share of the claim or the association’s assets distributed to the person in connection with the winding up, whichever is less. The person’s total liability for all claims under this paragraph shall not exceed the total amount of assets distributed to the person as part of the winding up of the association.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 96, effective July 12, 2012.
(2) A notice under subsection (1) of this section shall:
Terms Used In Kentucky Statutes 272A.12-090
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Cooperative: means a limited cooperative association or an entity organized under any cooperative law of any jurisdiction. See Kentucky Statutes 272A.1-020
- Financial rights: means the right to participate in allocations and distributions as provided in Subchapters 10 and 12 of this chapter, but does not include rights or obligations under a marketing contract governed by Subchapter 7 of this chapter. See Kentucky Statutes 272A.1-020
- Member: means a person that is admitted as a patron member or investor member, or both, in a limited cooperative association. See Kentucky Statutes 272A.1-020
- Principal office: means the principal executive office of a limited cooperative association or foreign cooperative, whether or not in this state. See Kentucky Statutes 272A.1-020
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Kentucky Statutes 272A.1-020
(a) Be published at least once in a newspaper of general circulation in the county in which the dissolved limited cooperative association’s principal office is located or, if the association does not have a principal office in the Commonwealth, in the county in which the association’s registered office is or was last located;
(b) Provide the name of the association and describe the information required to be contained in a claim and provide an address to which the claim is to be sent; and
(c) State that a claim against the association is barred unless an action to enforce the claim is commenced not later than two (2) years after publication of the notice.
(3) If a dissolved limited cooperative association publishes a notice in accordance with subsection (2) of this section, the claim of each of the following claimants is barred unless the claimant commences an action to enforce the claim not later than three (3) years after the first publication date of the notice:
(a) A claimant that is entitled to but did not receive notice in a record under KRS
272A.12-080; or
(b) A claimant whose claim is contingent or based on an event occurring after the effective date of dissolution.
(4) A claim not barred under this section may be enforced:
(a) Against a dissolved limited cooperative association, to the extent of its undistributed assets; or
(b) If the association’s assets have been distributed in connection with winding up, against a member or holder of financial rights to the extent of that person’s proportionate share of the claim or the association’s assets distributed to the person in connection with the winding up, whichever is less. The person’s total liability for all claims under this paragraph shall not exceed the total amount of assets distributed to the person as part of the winding up of the association.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 96, effective July 12, 2012.