2016 Vermont Statutes
Title 11C - Mutual Benefit Enterprises
Chapter 12 - Dissolution
§ 1210 Court proceeding

§ 1210. Court proceeding

(a) Upon application by a dissolved mutual benefit enterprise that has published a notice under section 1209 of this title, the Superior Court in the county where the enterprise's principal office is located or, if the enterprise does not have a principal office in this State where its designated office in this State is located, may determine the amount and form of security to be provided for payment of claims against the enterprise that are contingent, have not been made known to the enterprise, or are based on an event occurring after the effective date of dissolution but that, based on the facts known to the enterprise, are reasonably anticipated to arise after the effective date of dissolution.

(b) Not later than 10 days after filing an application under subsection (a) of this section, a dissolved mutual benefit enterprise shall give notice of the proceeding to each known claimant holding a contingent claim.

(c) The Court may appoint a representative in a proceeding brought under this section to represent all claimants whose identities are unknown. The dissolved mutual benefit enterprise shall pay reasonable fees and expenses of the representative, including all reasonable attorney's and expert witness fees.

(d) Provision by the dissolved mutual benefit enterprise for security in the amount and the form ordered by the Court satisfies the enterprise's obligations with respect to claims that are contingent, have not been made known to the enterprise, 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. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)