2021 Texas Statutes
Business Organizations Code
Title 1 - General Provisions
Chapter 11 - Winding Up and Termination of Domestic Entity
Subchapter H. Claims Resolution on Termination
Section 11.358. Accelerated Procedure for Existing Claim Resolution
Sec. 11.358. ACCELERATED PROCEDURE FOR EXISTING CLAIM RESOLUTION. (a) A terminated filing entity may shorten the period for resolving a person's existing claim against the entity by giving notice by registered or certified mail, return receipt requested, to the claimant at the claimant's last known address that the claim must be resolved under this section.
(b) The notice required under Subsection (a) must:
(1) state the requirements of Subsections (c) and (d) for presenting a claim;
(2) provide the mailing address to which the person's claim against the terminated filing entity must be sent;
(3) state that the claim will be extinguished if written presentation of the claim is not received at the address given on or before the date specified in the notice, which may not be earlier than the 120th day after the date the notice is mailed to the person by the terminated filing entity; and
(4) be accompanied by a copy of this section.
(c) To assert a claim, a person who is notified by a terminated filing entity that the person's claim must be resolved under this section must present the claim in writing to the terminated filing entity at the address given by the entity in the notice.
(d) A claim presented under Subsection (c) must:
(1) contain the:
(A) identity of the claimant; and
(B) nature and amount of the claim; and
(2) be received by the terminated filing entity not later than the date specified in the notice under Subsection (b)(3).
(e) If a person presents a claim that meets the requirements of this section, the terminated filing entity to whom the claim is presented may give written notice to the person that the claim is rejected by the terminated entity.
(f) Notice under Subsection (e) must:
(1) be sent by registered or certified mail, return receipt requested, and addressed to the last known address of the person presenting the claim;
(2) state that the claim has been rejected by the terminated entity;
(3) state that the claim will be extinguished unless an action on the claim is brought:
(A) not later than the 180th day after the date the notice of rejection of the claim was mailed to the person; and
(B) not later than the third anniversary of the effective date of the entity's termination; and
(4) state the date on which notice of the claim's rejection was mailed and the effective date of the entity's termination.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
