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Texas Business Organizations Code - Section 11.359. Extinguishment Of Existing Claim

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 11.359. Extinguishment Of Existing Claim

§ 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