35-14-1406. Known claims against dissolved corporation. (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.

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Terms Used In Montana Code 35-14-1406

  • 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.
  • Writing: includes printing. See Montana Code 1-1-203

(2)The written notice must:

(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 may not be fewer than 120 days after the written notice is effective, by which the dissolved corporation must receive the claim; and

(d)state that the claim will be barred if not received by the deadline.

(3)A claim against the dissolved corporation is barred:

(a)if a claimant who was given written notice under subsection (2) does not deliver the claim to the dissolved corporation by the deadline; or

(b)if a claimant whose claim was rejected by the dissolved corporation does not commence a proceeding to enforce the claim within 90 days after the rejection notice is effective.

(4)For purposes of this section, “claim” does not include a contingent liability or a claim based on an event occurring after the effective date of dissolution.