2010 Pennsylvania Code
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 59 - Fundamental Changes
5991 - Definitions.

                               SUBCHAPTER H
                POSTDISSOLUTION PROVISION FOR LIABILITIES

     Sec.
     5991.  Definitions.
     5991.1. Authority of board of directors.
     5992.  Notice to claimants.
     5993.  Acceptance or rejection of matured claims.
     5994.  Disposition of unmatured claims.
     5995.  Court proceedings.
     5996.  No revival or waiver.
     5997.  Payments and distributions.
     5998.  Liability of members (Repealed).

        Enactment.  The heading of Subchapter H was added December
     21, 1988, P.L.1444, No.177, effective October 1, 1989, and the
     remaining provisions were added December 19, 1990, P.L.834,
     No.198, effective immediately.
        Subchapter Heading.  The heading of Subchapter H was amended
     December 18, 1992, P.L.1333, No.169, effective in 60 days.
        Cross References.  Subchapter H is referred to in sections
     5972, 5974, 5977, 5985 of this title.
     § 5991.  Definitions.
        The following words and phrases when used in this subchapter
     shall have the meanings given to them in this section unless the
     context clearly indicates otherwise:
        "Contractual claims."  Excludes contingent contractual claims
     based on any implied warranty as to any product manufactured,
     sold, distributed or handled by the dissolved corporation.
        "Priority."  Does not refer either to the order of payments
     set forth in section 5997(a)(1) through (4) (relating to
     payments and distributions) or to the relative times at which
     any claims mature or are reduced to judgment.
        "Successor entity." Includes any trust, receivership or other
     legal entity governed by the laws of this Commonwealth or any
     other jurisdiction to which the remaining assets of a dissolved
     nonprofit corporation are transferred subject to its liabilities
     and which exists solely for the purposes of prosecuting and
     defending actions, by or against the corporation, enabling the
     corporation to settle and close its business, to dispose of and
     convey the property of the corporation, to discharge the
     liabilities of the corporation, and to distribute to the members
     of the corporation any remaining assets, but not for the purpose
     of continuing the business for which the corporation was
     incorporated.
     (Dec. 18, 1992, P.L.1333, No.169, eff. 60 days)