2009 Iowa Code
Title 12 - Business Entities
Subtitle 2 - Business and Professional Corporations and Companies
CHAPTER 490 - BUSINESS CORPORATIONS
490.1407 - OTHER CLAIMS AGAINST DISSOLVED CORPORATION.

        490.1407  OTHER CLAIMS AGAINST DISSOLVED
      CORPORATION.
         1.  A dissolved corporation may also publish notice of its
      dissolution and request that persons with claims against the
      dissolved corporation present them in accordance with the notice.
         2.  The notice must meet all of the following requirements:
         a.  Be published one time in a newspaper of general
      circulation in the county where the dissolved corporation's principal
      office or, if none in this state, its registered office is or was
      last located.
         b.  Describe the information that must be included in a claim
      and provide a mailing address where the claim may be sent.
         c.  State that a claim against the dissolved corporation will
      be barred unless a proceeding to enforce the claim is commenced
      within three years after the publication of the notice.
         3.  If the dissolved corporation publishes a newspaper notice in
      accordance with subsection 2, the claim of each of the following
      claimants is barred unless the claimant commences a proceeding to
      enforce the claim against the dissolved corporation within three
      years after the publication date of the newspaper notice:
         a.  A claimant who was not given written notice under section
      490.1406.
         b.  A claimant whose claim was timely sent to the dissolved
      corporation but not acted on.
         c.  A claimant whose claim is contingent or based on an event
      occurring after the effective date of dissolution.
         4.  A claim that is not barred by section 490.1406, subsection 2,
      or subsection 3 of this section, may be enforced in either of the
      following ways:
         a.  Against the dissolved corporation, to the extent of its
      undistributed assets.
         b.  Except as provided in section 490.1408, subsection 4, if
      the assets have been distributed in liquidation, against a
      shareholder of the dissolved corporation to the extent of the
      shareholder's pro rata share of the claim or the corporate assets
      distributed to the shareholder in liquidation, whichever is less, but
      a shareholder's total liability for all claims under this section
      shall not exceed the total amount of assets distributed to the
      shareholder in liquidation.  

         89 Acts, ch 288, §151; 2002 Acts, ch 1154, §94, 125
         Referred to in § 490.1408, 490.1409, 490.1421, 490.1433, 490.1434