Kentucky Statutes 362.2-806 – Known claims against dissolved limited partnership
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(1) A dissolved limited partnership may dispose of the known claims against it by following the procedure described in subsection (2) of this section.
(2) A dissolved limited partnership may in a record notify its known claimants of the dissolution. The notice shall:
(a) Specify the information required to be included in a claim; (b) Provide a mailing address to which the claim is to be sent;
(c) State the deadline for receipt of the claim, which shall not be less than one hundred twenty (120) days after the date the notice in a record is received by the claimant;
(d) State that the claim will be barred if not received by the deadline; and
(e) Unless the limited partnership has been throughout its existence a limited liability limited partnership, state that the barring of a claim against the limited partnership will also bar any corresponding claim against any present or dissociated general partner which is based on KRS § 362.2-404.
(3) A claim against a dissolved limited partnership is barred if the requirements of subsection (2) of this section are met and:
(a) The claim is not received by the specified deadline; or
(b) In the case of a claim that is timely received but rejected by the dissolved limited partnership, the claimant does not commence a proceeding to enforce the claim against the limited partnership within ninety (90) days after the receipt of the notice of the rejection.
(4) This section does not apply to a contingent liability or a claim based on an event occurring after the effective date of dissolution.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 154, effective July 12, 2006.
(2) A dissolved limited partnership may in a record notify its known claimants of the dissolution. The notice shall:
Terms Used In Kentucky Statutes 362.2-806
- General partner: means :
(a) With respect to a limited partnership, a person that:
1. See Kentucky Statutes 362.2-102 - Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Kentucky Statutes 362.2-102
- State: means a State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or insular possession subject to the jurisdiction of the United States. See Kentucky Statutes 362.2-102
(a) Specify the information required to be included in a claim; (b) Provide a mailing address to which the claim is to be sent;
(c) State the deadline for receipt of the claim, which shall not be less than one hundred twenty (120) days after the date the notice in a record is received by the claimant;
(d) State that the claim will be barred if not received by the deadline; and
(e) Unless the limited partnership has been throughout its existence a limited liability limited partnership, state that the barring of a claim against the limited partnership will also bar any corresponding claim against any present or dissociated general partner which is based on KRS § 362.2-404.
(3) A claim against a dissolved limited partnership is barred if the requirements of subsection (2) of this section are met and:
(a) The claim is not received by the specified deadline; or
(b) In the case of a claim that is timely received but rejected by the dissolved limited partnership, the claimant does not commence a proceeding to enforce the claim against the limited partnership within ninety (90) days after the receipt of the notice of the rejection.
(4) This section does not apply to a contingent liability or a claim based on an event occurring after the effective date of dissolution.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 154, effective July 12, 2006.