2014 Kentucky Revised Statutes CHAPTER 272A - KENTUCKY UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT Subchapter 12 - Dissolution of a Limited Cooperative Association 12.12-080 Known claims against dissolved limited cooperative association.
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272A.12-080 Known
association.
(1)
(2)
(3)
(4)
claims
against
dissolved
limited
cooperative
Subject to subsection (4) of this section, a dissolved limited cooperative
association may dispose of the known claims against it by following the
procedure in subsections (2) and (3) of this section.
A dissolved limited cooperative association may notify its known claimants of
the dissolution in a record. The notice shall:
(a) Provide the name of the association;
(b) Specify that a claim be in a record;
(c) Specify the information required to be included in the claim;
(d) Provide an address to which the claim must be sent;
(e) State the deadline for receipt of the claim, which may not be less than
one hundred twenty (120) days after the date the notice is received by the
claimant; and
(f) State that the claim will be barred if not received by the deadline.
A claim against a dissolved limited cooperative association is barred if the
requirements of subsection (2) of this section are met, and:
(a) The association is not notified of the claimants claim, in a record, by the
deadline specified in the notice under subsection (2)(e) of this section;
(b) In the case of a claim that is timely received but rejected by the
association, the claimant does not commence an action to enforce the
claim against the association within ninety (90) days after receipt of the
notice of the rejection; or
(c) If a claim is timely received but is neither accepted nor rejected by the
association within one hundred twenty (120) days after the deadline for
receipt of claims, the claimant does not commence an action to enforce
the claim against the association within ninety (90) days after the one
hundred twenty (120) day period.
This section shall not apply to a claim based on an event occurring after the
date of dissolution or a liability that is contingent on that date.
Effective:July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 95, effective July 12, 2012.
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