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The Vermont Statutes Online



Title

11

:
Corporations, Partnerships and Associations






Chapter

021

:
LIMITED LIABILITY COMPANIES






Subchapter

008
:
WINDING UP COMPANY BUSINESS








[Section 3107 repealed effective July 1, 2016.]

[Section 3107 repealed effective July 1,

2016.]

§

3107. 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 must:

(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 dissolved company, the

claimant does not commence a proceeding to enforce the claim within 90 days

after the receipt of the notice of the rejection.

(d) For purposes

of this section, "claim" does not include a contingent liability or a

claim based on an event occurring after the effective date of dissolution.

(Added 1995, No. 179 (Adj. Sess.), § 4.)