Oregon Statutes 60.641 – Known claims against dissolved corporation
(1) A dissolved corporation may dispose of the known claims against it by following the procedure described in this section.
Terms Used In Oregon Statutes 60.641
- 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.
- Proceeding: means a civil, criminal, administrative or investigatory action. See Oregon Statutes 60.001
- Written: means embodied as a document. See Oregon Statutes 60.001
(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) of this section 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. [1987 c.52 § 144]