2019 Indiana Code
Title 23. Business and Other Associations
Article 5. Other Business Associations
Chapter 1. Indiana Business Trust Act
23-5-1-11. Surrender of authority to transact business; closing out business; effect of withdrawal
Sec. 11. (a) Any business trust, domestic or foreign, which has obtained authority under this chapter to transact business in Indiana may surrender its said authority at any time by:
(1) filing in the office of the secretary of state a file-marked copy of a resolution duly adopted by its trustees declaring its intention to withdraw, accompanied by a withdrawal fee of thirteen dollars ($13);
(2) recording a copy of the resolution described in subdivision (1) in the office of the county recorder of the county in which the principal office of said business trust in this state is located; and
(3) filing all biennial reports and paying all fees required by section 10.1 of this chapter and not previously filed and paid.
(b) During a period of five (5) years following the effective date of such withdrawal, the business trust shall nevertheless be entitled to convey and dispose of its property and assets in this state, settle and close out its business in this state, and perform any other act or acts pertinent to the liquidation of its business, property, and assets in this state, and to prosecute and defend all suits filed prior to the expiration of said five (5) year period involving causes of action prior to the effective date of such withdrawal or arising out of any action or transactions occurring during said five (5) year period in the course of the liquidation of its business, property, or assets. The withdrawal of a business trust as provided in this section shall have no effect upon any suit filed by or against it prior to the expiration of said five (5) year period until such suit has been finally determined or otherwise finally concluded and all judgments, orders, and decrees entered in the suit have been fully executed, even though such final determination, conclusion, or execution occurs after the expiration of said five (5) year period.
(c) With respect to a foreign business trust, withdrawal under this section shall not affect its written consent to be sued in the courts of this state, or the jurisdiction over public foreign business trusts of the courts of this state, with respect to any cause of action which arose prior to the effective date of its withdrawal.
Formerly: Acts 1963, c.353, s.11. As amended by P.L.34-1987, SEC.331; P.L.119-2015, SEC.30; P.L.136-2018, SEC.130.
