2010 Pennsylvania Code
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 19 - Fundamental Changes
1992 - Notice to claimants.

     § 1992.  Notice to claimants.
        (a)  General rule.--After a business corporation that has
     elected to proceed under this subchapter has been dissolved in
     accordance with section 1977 (relating to articles of
     dissolution), the corporation or any successor entity shall give
     notice of the dissolution requesting all persons having a claim
     against the corporation to present their claims against the
     corporation in accordance with the notice. The notice shall
     state:
            (1)  That all claims must be presented in writing and
        must contain sufficient information reasonably to inform the
        corporation or successor entity of the identity of the
        claimant and the substance of the claim.
            (2)  The mailing address to which a claim must be sent.
            (3)  The deadline, which shall be not less than 60 days
        after the date the notice is given, by which the corporation
        or successor entity must receive the claim.
            (4)  That the claim will be barred if not received by the
        deadline.
            (5)  That the corporation or a successor entity may make
        distribution to other claimants and the shareholders of the
        corporation or persons interested as having been such without
        further notice to the claimant.
        (b)  Unmatured contractual claims.--The corporation or
     successor entity electing to follow the procedures specified in
     this subchapter shall also give notice of the dissolution of the
     corporation to persons with contractual claims contingent upon
     the occurrence or nonoccurrence of future events or otherwise
     conditional or unmatured, and shall request that such persons
     present their claims in accordance with the terms of the notice.
     The notice shall be in substantially the form specified in
     subsection (a).
        (c)  Publication and service of notices.--
            (1)  The notices required by this section shall be
        officially published at least once a week for two consecutive
        weeks and, in the case of a corporation having $10,000,000 or
        more in total assets at the time of its dissolution, at least
        once in all editions of a daily newspaper with a national
        circulation.
            (2)  Concurrently with or preceding the publication, the
        corporation or successor entity shall send a copy of the
        notice by certified or registered mail, return receipt
        requested, to each:
                (i)  known creditor or claimant;
                (ii)  holder of a claim described in subsection (b);
            and
                (iii)  municipal corporation in which a place of
            business of the corporation in this Commonwealth was
            located at the time of filing the articles of dissolution
            in the department.
        (d)  Claims barred.--A claim against a dissolved corporation
     is barred if a claimant who was given written notice under
     subsection (c)(2) does not deliver the claim to the dissolved
     corporation or successor entity by the deadline.
     (Dec. 18, 1992, P.L.1333, No.169, eff. 60 days; June 22, 2001,
     P.L.418, No.34, eff. 60 days)

        2001 Amendment.  Act 34 amended subsec. (c).
        Cross References.  Section 1992 is referred to in sections
     1979, 1993, 1994, 1995 of this title.