2005 Arizona Revised Statutes - Revised Statutes §29-784  Effect of filing articles of termination

On the filing of the articles of termination the existence of the limited liability company ceases, except for the purpose of suits, other proceedings and appropriate action as provided in this chapter. The managers in office at the time of termination or, if none, the members are thereafter trustees for the members and creditors of the terminated limited liability company and as such may distribute any of the limited liability company's property discovered after termination, may convey real estate and may take other action as necessary on behalf of and in the name of the terminated limited liability company.