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362.2-807 Other claims against dissolved limited partnership.
(1) A dissolved limited partnership may publish notice of its dissolution and request
persons having claims against the limited partnership to present them in accordance <br>with the notice.
(2) The notice shall:
(a) Be published at least once in a newspaper of general circulation in the county
in which the dissolved limited partnership's principal office is located or, if it <br>has none in this Commonwealth, then in the county in which the limited <br>partnership's registered office is or was last located;
(b) Describe the information required to be contained in a claim and provide a
mailing address to which the claim is to be sent;
(c) State that a claim against the limited partnership is barred unless a proceeding
to enforce the claim is commenced within five (5) years after publication of <br>the notice; and
(d) Unless the limited partnership has been throughout its existence a limited
liability limited partnership, state that the barring of a claim against the <br>limited partnership will also bar any corresponding claim against any present <br>or dissociated general partner which is based on KRS 362.2-404.
(3) If a dissolved limited partnership publishes a notice in accordance with subsection
(2) of this section, the claim of each of the following claimants is barred unless the <br>claimant commences a proceeding to enforce the claim against the dissolved limited <br>partnership within five (5) years after the publication date of the notice: <br>(a) A claimant that did not receive notice in a record under KRS 362.2-806; <br>(b) A claimant whose claim was timely sent to the dissolved limited partnership
but not acted on; and
(c) A claimant whose claim is contingent or based on an event occurring after the
effective date of dissolution.
(4) A claim not barred under this section may be enforced:
(a) Against the dissolved limited partnership, to the extent of its undistributed
assets;
(b) If the assets have been distributed in liquidation, against a partner or transferee
to the extent of that person's proportionate share of the claim or the limited <br>partnership's assets distributed to the partner or transferee in liquidation, <br>whichever is less, but a person's total liability for all claims under this <br>paragraph does not exceed the total amount of assets distributed to the person <br>as part of the winding up of the dissolved limited partnership; or
(c) Against any person liable on the claim under KRS 362.2-404.
Effective: July 12, 2006 <br>History: Created 2006 Ky. Acts ch. 149, sec. 155, effective July 12, 2006.
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