Download as PDF
271B.14-070 Unknown claims against dissolved corporation.
(1)
(2)
(3)
(4)
A dissolved corporation may also publish notice of its dissolution and request that
persons with claims against the corporation present them in accordance with the
notice.
The notice shall:
(a) Be published one (1) 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; and
(c) State that a claim against the corporation will be barred unless a proceeding to
enforce the claim is commenced within two (2) years after the publication of
the notice.
If the dissolved corporation publishes a newspaper notice in accordance with
subsection (2) of this section, the claim of each of the following claimants shall be
barred unless the claimant commences a proceeding to enforce the claim against the
dissolved corporation within two (2) years after the publication date of the
newspaper notice:
(a) A claimant who did not receive written notice under KRS 271B.14-060;
(b) A claimant whose claim was timely sent to the dissolved corporation but not
acted on; and
(c) A claimant whose claim is contingent or based on an event occurring after the
effective date of dissolution.
A claim may be enforced under this section:
(a) Against the dissolved corporation, to the extent of its undistributed assets; or
(b) If the assets have been distributed in liquidation, against a shareholder of the
dissolved corporation to the extent of his pro rata share of the claim or the
corporate assets distributed to him 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 him.
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 143, effective January 1, 1989.
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.