§4107. Known claims against dissolved limited liability company

Link to law: http://legislature.vermont.gov/statutes/section/11/025/04107
Published: 2015

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Title

11

:
Corporations, Partnerships and Associations






Chapter

025

:
LIMITED LIABILITY COMPANIES






Subchapter

007
:
WINDING UP OF COMPANY BUSINESS










 

§

4107. Known claims against dissolved limited liability company

(a) A dissolved

limited liability company may dispose of the known claims against it by

following the procedure described in this section.

(b) A dissolved

limited liability company shall notify its known claimants in writing of the

dissolution. The notice shall:

(1) specify the

information required to be included in a claim;

(2) provide a

mailing address where the claim is to be sent;

(3) state the

deadline for receipt of the claim, which may not be less than 120 days after

the date the written notice is received by the claimant; and

(4) state that

the claim will be barred if not received by the deadline.

(c) A claim

against a dissolved limited liability company is barred if the requirements of

subsection (b) of this section are met, and:

(1) the claim is

not received by the specified deadline; or

(2) in the case

of a claim that is timely received but rejected by the company:

(A) the company

causes the claimant to receive notice in a record stating that the claim is

rejected and will be barred unless the claimant commences an action against the

company to enforce the claim within 90 days after the claimant receives the

notice; and

(B) the claimant

does not commence the required action within the 90 days.

(d) This section

does not apply to a claim based on an event occurring after the effective date

of dissolution or a liability that on that date is contingent. (Added 2015, No.

17, § 2.)
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