(a) Upon dissolution, a limited liability company may dispose of the known claims against it by filing articles of dissolution under AS 10.50.430 and following the procedures described in this section.
(b) A dissolved limited liability company shall notify its known claimants in writing of the dissolution at any time after the effective date of dissolution. The written notice must
(1) describe the information that must be included in the claim;
(2) provide a mailing address where the claim may be sent;
(3) state the deadline, which may not be fewer than 120 days after the later of the date of the written notice or the filing of articles of dissolution under AS 10.50.430 , for the company to receive the claim; and
(4) state that the claim is barred if it is not received by the company by the deadline.
(c) A claim against a limited liability company is barred if a claimant
(1) who was given written notice under (b) of this section does not deliver the claim to the company by the deadline; or
(2) whose claim is rejected by the company does not begin a proceeding to enforce the claim within 90 days after the date of the rejection notice.
(d) In this section, "claim" does not include a contingent liability or a claim based on an event occurring after the effective date of dissolution.
Section: Previous 10.50.400 10.50.405 10.50.408 10.50.410 10.50.415 10.50.420 10.50.425 10.50.430 10.50.435 10.50.440 NextLast modified: November 15, 2016