2009 Iowa Code
Title 12 - Business Entities
Subtitle 2 - Business and Professional Corporations and Companies
CHAPTER 490 - BUSINESS CORPORATIONS
490.1408 - COURT PROCEEDINGS.

        490.1408  COURT PROCEEDINGS.
         1.  A dissolved corporation that has published a notice under
      section 490.1407 may file an application with the district court of
      the county where the dissolved corporation's principal office or, if
      none in this state, its registered office is located for a
      determination of the amount and form of security to be provided for
      payment of claims that are contingent or have not been made known to
      the dissolved corporation or that are based on an event occurring
      after the effective date of dissolution but that, based on the facts
      known to the dissolved corporation, are reasonably estimated to arise
      after the effective date of dissolution.  Provision need not be made
      for any claim that is or is reasonably anticipated to be barred under
      section 490.1407, subsection 3.
         2.  Within ten days after the filing of the application, notice of
      the proceeding shall be given by the dissolved corporation to each
      claimant holding a contingent claim whose contingent claim is shown
      on the records of the dissolved corporation.
         3.  The court may appoint a guardian ad litem to represent all
      claimants whose identities are unknown in any proceeding brought
      under this section.  The reasonable fees and expenses of such
      guardian, including all reasonable expert witness fees, shall be paid
      by the dissolved corporation.
         4.  Provision by the dissolved corporation for security in the
      amount and the form ordered by the court under subsection 1, shall
      satisfy the dissolved corporation's obligations with respect to
      claims that are contingent, have not been made known to the dissolved
      corporation or are based on an event occurring after the effective
      date of dissolution, and such claims shall not be enforced against a
      shareholder who received assets in liquidation.  

         2002 Acts, ch 1154, §95, 125
         Referred to in § 490.1407, 490.1409