US Laws, Codes, Statutes & Cases

 
  § 1007. Notice to creditors; filing or barring claims.
    (a)  At  any  time prior to filing the certificate of dissolution, the
  corporation may give a notice requiring  all  creditors  and  claimants,
  including  any  with unliquidated or contingent claims and any with whom
  the corporation has unfulfilled contracts, to present  their  claims  in
  writing and in detail at a specified place and by a specified day, which
  shall  not  be  less than six months after the first publication of such
  notice. Such notice shall be published at least  once  a  week  for  two
  successive  weeks in a newspaper of general circulation in the county in
  which the  office  of  the  corporation  was  located  at  the  date  of
  dissolution.  On  or  before  the  date of the first publication of such
  notice, the corporation shall mail a copy thereof, postage  prepaid,  to
  each  person  believed  to  be  a  creditor  of  or claimant against the
  corporation whose current name and address are known to or can with  due
  diligence  be  ascertained by the corporation. The giving of such notice
  shall not constitute a recognition that any person is a proper  creditor
  or  claimant,  and  shall  not  revive  or  make  valid, or operate as a
  recognition  of  the  validity  of,  or  a  waiver  of  any  defense  or
  counterclaim  in  respect  of  any  claim  against  the corporation, its
  assets, directors, officers or members, which has  been  barred  by  any
  statute  of limitations or become invalid by any cause, or in respect of
  which the corporation, its  directors,  officers  or  members,  has  any
  defense or counterclaim.
    (b)  Any claims which shall have been filed as provided in such notice
  and which shall be disputed by the  corporation  may  be  submitted  for
  determination  to  the supreme court under section 1008 (Jurisdiction of
  supreme court to supervise dissolution and liquidation) or  pursuant  to
  article  11  (Judicial  dissolution).  A  claim  filed by the trustee or
  paying agent for the holders of bonds or coupons  shall  have  the  same
  effect  as  if  filed  by  the  holder of any such bonds or coupons. Any
  person whose claim is, at the date of  the  first  publication  of  such
  notice,  barred  by  any  statute  of  limitations  is not a creditor or
  claimant entitled to any notice under this section or such section 1008.
  The claim of any such person and all other claims which are  not  timely
  filed  as provided in such notice except claims which are the subject of
  litigation on the date of the first publication of such notice  and  all
  claims  which  are  so  filed but are disallowed by the court under such
  section 1008, shall be forever barred as against  the  corporation,  its
  assets,  directors, officers and members, except to such extent, if any,
  as the court  may  allow  them  against  any  remaining  assets  of  the
  corporation  in the case of a creditor who shows satisfactory reason for
  failure to file a claim as so provided. If the court requires a  further
  notice  under  such  section  1008,  any  reference  to a notice in this
  section shall, to the extent that the court so orders, mean such further
  notice, except that a claim which has been filed in  accordance  with  a
  notice under this section need not be refiled under such further notice.
    (c)  Notwithstanding  this  section  and section 1008 (Jurisdiction of
  supreme court to supervise dissolution and liquidation), tax claims  and
  other  claims  of  this  state  and  of  the  United States shall not be
  required to be filed under those sections, and such claims shall not  be
  barred  because  not  so  filed,  and  distribution of the assets of the
  corporation, or any part thereof, may be deferred until determination of
  any such claims.
    (d) Laborer's wages shall be preferred claims and entitled to  payment
  before  any  other  creditors  out  of  the assets of the corporation in
  excess of valid prior liens or encumbrances.