Texas Business Organizations Code - Section 11.359. Extinguishment Of Existing Claim
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Texas Laws > Business Organizations Code > Texas Business Organizations Code - Section 11.359. Extinguishment Of Existing Claim
Section: 11.352 11.353 11.354 11.355 11.356 11.357 11.358 11.359 11.401 11.402 11.403 11.404 11.405 11.406 11.407
§ 11.359. EXTINGUISHMENT OF EXISTING CLAIM. (a) Except
as provided by Subsection (b), an existing claim by or against a
terminated filing entity is extinguished unless an action or
proceeding is brought on the claim not later than the third
anniversary of the date of termination of the entity.
(b) A person's claim against a terminated filing entity may
be extinguished before the period prescribed by Subsection (a) if
the person is notified under Section 11.358(a) that the claim will
be resolved under Section 11.358 and the person:
(1) fails to properly present the claim in writing
under Sections 11.358(c) and (d); or
(2) fails to bring an action on a claim rejected under
Section 11.358(e) before:
(A) the 180th day after the date the notice
rejecting the claim was mailed to the person; and
(B) the third anniversary of the effective date
of the entity's termination.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Last modified: August 11, 2007