Wisconsin Statutes 180.1406 – Known claims against dissolved corporation
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Terms Used In Wisconsin Statutes 180.1406
- 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.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
(1) Except as provided in sub. (4), a dissolved corporation may dispose of the known claims against it by following the procedure described in this section.
(2) A dissolved corporation may deliver written notice of the dissolution to known claimants at any time after the effective date of the dissolution. The written notice is subject to s. 180.0141 (5) and shall include all of the following:
(a) A description of the information that must be included in a claim.
(b) The mailing address where a claim may be sent.
(c) The deadline, which may not be fewer than 120 days after the written notice is effective under s. 180.0141 (5), by which the dissolved corporation must receive the claim.
(d) A statement that the claim is barred if not received by the deadline.
(3) If a claimant is notified as provided by sub. (2), the claimant’s claim against the dissolved corporation is barred, except as provided in sub. (4), if any of the following applies:
(a) The claimant fails to deliver the claim to the dissolved corporation by the deadline specified in the notice.
(b) The dissolved corporation rejects the claim and the claimant does not bring a proceeding to enforce the claim within 90 days after written notice of the rejection is effective under s. 180.0141 (5).
(4) This section does not apply to any of the following:
(a) A claim based on a contingent liability or an event occurring after the effective date of the dissolution.
(b) The liability of a corporation for an additional assessment under s. 71.74 or for sales and use taxes determined as owing under s. 77.59.