Section 355.701

Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS

Chapter 355

Effective - 01 Jul 1995, see footnote   

  355.701.  Notice of dissolution — unknown claims. — 1.  A dissolved corporation may also publish notice of its dissolution and request that persons with claims against the corporation present them in accordance with the notice.

  2.  The notice shall:

  (1)  Be published one time in a newspaper of general circulation in the county where the dissolved corporation's principal office, or, if none in this state, its registered office, is or was last located;

  (2)  Be published one time in a publication of statewide circulation whose audience is primarily persons engaged in the practice of law in this state and which is published not less than four times per year;

  (3)  Describe the information that must be included in a claim and provide a mailing address where the claim may be sent; and

  (4)  State that a claim against the corporation will be barred unless a proceeding to enforce the claim is commenced within two years after the publication of the notice.

  3.  Other rules of law, including rules on the permissibility of third-party claims, to the contrary notwithstanding, if a corporation which is dissolved after authorization and which has been dissolved without fraudulent intent publishes notices in accordance with subsection 2 of this section, the claim of each of the following claimants is barred unless the claimant commences a proceeding to enforce the claim against the dissolved corporation within two years after the publication date of whichever of the notices was published last:

  (1)  A claimant who did not receive written notice under section 355.696;

  (2)  A claimant whose claim was timely sent to the dissolved corporation but not acted on;

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

  4.  A claim may be enforced under this section only:

  (1)  Against the dissolved corporation, to the extent of its undistributed assets; or

  (2)  If the assets have been distributed in liquidation, against a shareholder of the dissolved corporation to the extent of his pro rata share of the claim or the corporate assets distributed to him in liquidation, whichever is less, but a shareholder's total liability for all claims under this section may not exceed the total amount of assets distributed to him.

  5.  For purposes of this section, "fraudulent intent" shall be established if it is shown that the sole or primary purpose of the authorization for dissolution or the dissolution was to defraud shareholders, creditors or others.

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(L. 1994 H.B. 1095)

Effective 7-01-95