2016 Vermont Statutes
Title 11C - Mutual Benefit Enterprises
Chapter 12 - Dissolution
§ 1209 Other claims against dissolved mutual benefit enterprise

§ 1209. Other claims against dissolved mutual benefit enterprise

(a) A dissolved mutual benefit enterprise may publish notice of its dissolution and request persons having claims against the enterprise to present them in accordance with the notice.

(b) A notice under subsection (a) of this section shall:

(1) be published at least once in a newspaper of general circulation in the county in which the dissolved mutual benefit enterprise's principal office is located or, if the enterprise does not have a principal office in this State, in the county in which the enterprise's designated office is or was last located;

(2) describe the information required to be contained in a claim and provide an address to which the claim is to be sent; and

(3) state that a claim against the enterprise is barred unless an action to enforce the claim is commenced not later than three years after publication of the notice.

(c) If a dissolved mutual benefit enterprise publishes a notice in accordance with subsection (b) of this section, the claim of each of the following claimants is barred unless the claimant commences an action to enforce the claim not later than three years after the first publication date of the notice:

(1) a claimant that is entitled to but did not receive notice in a record under section 1208 of this title; and

(2) a claimant whose claim is contingent or based on an event occurring after the effective date of dissolution.

(d) A claim not barred under this section may be enforced:

(1) Against a dissolved mutual benefit enterprise, to the extent of its undistributed assets.

(2) If the enterprise's assets have been distributed in connection with winding up the enterprise's activities against a member or holder of financial rights to the extent of that person's proportionate share of the claim or the enterprise's assets distributed to the person in connection with the winding up, whichever is less. The person's total liability for all claims under this subdivision shall not exceed the total amount of assets distributed to the person as part of the winding up of the enterprise. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)