Utah Code 16-10a-1406. Disposition of known claims by notification
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(1) A dissolved corporation may dispose of the known claims against it by following the procedures described in this section.
Terms Used In Utah Code 16-10a-1406
- Address: includes :(1)(b)(i) a post office box number;(1)(b)(ii) a rural free delivery route number; and(1)(b)(iii) a street name and number. See Utah Code 16-10a-102
- 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.
- Notice: is a s provided in Section 16-10a-103. See Utah Code 16-10a-102
- Proceeding: includes :
(26)(a) a civil suit;(26)(b) arbitration or mediation; and(26)(c) a criminal, administrative, or investigatory action. See Utah Code 16-10a-102- Receive: when used in reference to receipt of a writing or other document by a domestic or foreign corporation, means the writing or other document is actually received by:
(28)(a) the corporation at its:(28)(a)(i) registered office in this state; or(28)(a)(ii) principal office;(28)(b) the secretary of the corporation, wherever the secretary is found; or(28)(c) another person authorized by the bylaws or the board of directors to receive the writing or other document, wherever that person is found. See Utah Code 16-10a-102- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Statute: A law passed by a legislature.
- Writing: includes :
(48)(a) printing;(48)(b) handwriting; and(48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5(2) A dissolved corporation electing to dispose of known claims pursuant to this section may give written notice of the dissolution to known claimants at any time after the effective date of the dissolution. The written notice shall:(2)(a) describe the information that must be included in a claim;(2)(b) provide an address to which written notice of any claim must be given to the corporation;(2)(c) state the deadline, which may not be fewer than 120 days after the effective date of the notice, by which the dissolved corporation must receive the claim; and(2)(d) state that unless sooner barred by any other state statute limiting actions, the claim will be barred if not received by the deadline.(3) Unless sooner barred by any other statute limiting actions, a claim against the dissolved corporation is barred if:(3)(a) a claimant was given notice under Subsection (2) and the claim is not received by the dissolved corporation by the deadline; or(3)(b) the dissolved corporation delivers to the claimant written notice of rejection of the claim within 90 days after receipt of the claim and the claimant whose claim was rejected by the dissolved corporation does not commence a proceeding to enforce the claim within 90 days after the effective date of the rejection notice.(4) Claims which are not rejected by the dissolved corporation in writing within 90 days after receipt of the claim by the dissolved corporation shall be considered accepted.(5) The failure of the dissolved corporation to give notice to any known claimant pursuant to Subsection (2) does not affect the disposition under this section of any claim held by any other known claimant.(6) 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.