Texas Business Organizations Code 11.358 – Accelerated Procedure for Existing Claim Resolution
(a) A terminated filing entity may shorten the period for resolving a person‘s existing claim against the entity by giving notice by registered or certified mail, return receipt requested, to the claimant at the claimant’s last known address that the claim must be resolved under this section.
(b) The notice required under Subsection (a) must:
(1) state the requirements of Subsections (c) and (d) for presenting a claim;
(2) provide the mailing address to which the person’s claim against the terminated filing entity must be sent;
(3) state that the claim will be extinguished if written presentation of the claim is not received at the address given on or before the date specified in the notice, which may not be earlier than the 120th day after the date the notice is mailed to the person by the terminated filing entity; and
(4) be accompanied by a copy of this section.
Terms Used In Texas Business Organizations Code 11.358
- Entity: means a domestic entity or foreign entity. See Texas Business Organizations Code 1.002
- Filing entity: means a domestic entity that is a corporation, limited partnership, limited liability company, professional association, cooperative, or real estate investment trust. See Texas Business Organizations Code 1.002
- in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
- Person: means an individual or a corporation, partnership, limited liability company, business trust, trust, association, or other organization, estate, government or governmental subdivision or agency, or other legal entity, or a protected series or registered series of a domestic limited liability company or foreign entity. See Texas Business Organizations Code 1.002
- written: means an expression of words, letters, characters, numbers, symbols, figures, or other textual information that is inscribed on a tangible medium or that is stored in an electronic or other medium that is retrievable in a perceivable form. See Texas Business Organizations Code 1.002
(c) To assert a claim, a person who is notified by a terminated filing entity that the person’s claim must be resolved under this section must present the claim in writing to the terminated filing entity at the address given by the entity in the notice.
(d) A claim presented under Subsection (c) must:
(1) contain the:
(A) identity of the claimant; and
(B) nature and amount of the claim; and
(2) be received by the terminated filing entity not later than the date specified in the notice under Subsection (b)(3).
(e) If a person presents a claim that meets the requirements of this section, the terminated filing entity to whom the claim is presented may give written notice to the person that the claim is rejected by the terminated entity.
(f) Notice under Subsection (e) must:
(1) be sent by registered or certified mail, return receipt requested, and addressed to the last known address of the person presenting the claim;
(2) state that the claim has been rejected by the terminated entity;
(3) state that the claim will be extinguished unless an action on the claim is brought:
(A) not later than the 180th day after the date the notice of rejection of the claim was mailed to the person; and
(B) not later than the third anniversary of the effective date of the entity’s termination; and
(4) state the date on which notice of the claim’s rejection was mailed and the effective date of the entity’s termination.