Download as PDF
272A.12-100 Court proceedings.
(1)
(2)
(3)
(4)
Upon application by a dissolved limited cooperative association that has
published a notice under KRS 272A.12-090, the appropriate court may
determine the amount and form of security to be provided for payment of
claims against the association that are contingent, have not been made known
to the association, or are based on an event occurring after the effective date
of dissolution but that, based on the facts known to the association, are
reasonably anticipated to arise after the effective date of dissolution.
Not later than ten (10) days after filing an application under subsection (1) of
this section, a dissolved limited cooperative association shall give notice of the
proceeding to each known claimant holding a contingent claim.
The court may appoint a guardian ad litem in a proceeding brought under this
section to represent all claimants whose identities are unknown, including
those whose claims are contingent or based upon an event occurring after the
effective date of dissolution. The dissolved limited cooperative association shall
pay reasonable fees and expenses of the representative, including all
reasonable attorney and expert witness fees.
Provision by the dissolved limited cooperative association for security in the
amount and the form ordered by the court satisfies the associations
obligations with respect to claims that are contingent, have not been made
known to the association, or are based on an event occurring after the effective
date of dissolution, and the claims may not be enforced against a member that
received a distribution.
Effective:July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 97, effective July 12, 2012.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.