Montana Code 35-2-726. Known claims against dissolved corporation
35-2-726. Known claims against dissolved corporation. (1) A dissolved corporation shall dispose of the known claims against it by following the procedure described in this section.
Terms Used In Montana Code 35-2-726
- 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.
- Corporation: means a public benefit corporation, mutual benefit corporation, or religious corporation. See Montana Code 35-2-114
- in writing: means :
(a)with respect to internal communications, any record in tangible or electronic form or any form allowed under Title 30, chapter 18, part 1; and
(b)with respect to external communications, tangible records or any form authorized by the external party. See Montana Code 35-2-114
- Notice: means that term as described in 35-2-115. See Montana Code 35-2-114
- Proceeding: includes a civil suit and a criminal, administrative, and investigatory action. See Montana Code 35-2-114
(2)The dissolved corporation shall notify its known claimants in writing of the dissolution at any time after its effective date. 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 from the effective date of the written notice, 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 from the effective date of the rejection notice.
(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.