Illinois Compiled Statutes 805 ILCS 180 Limited Liability Company Act. Section 25-45

    (805 ILCS 180/25-45)

    Sec. 25-45. 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, the term "claim" does not include a contingent liability or a claim based on an event occurring after the effective date of dissolution.

(Source: P.A. 90-424, eff. 1-1-98.)

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Last modified: February 18, 2015