The Vermont Statutes Online

Title 11A: Vermont Business Corporations

Chapter 14: DISSOLUTION

Sub-Chapter 01: Voluntary Dissolution

11A V.S.A. § 14.06. Known claims against dissolved corporation



§ 14.06. Known claims against dissolved corporation

(a) A dissolved corporation may dispose of the known claims against it by following the procedure described in this section. The provisions of section 14.07 of this title apply in the case of claims where the claimant cannot with due diligence be notified under this section.

(b) The dissolved corporation shall notify its known claimants in writing of the dissolution at any time after its effective date. The written notice shall:

(1) describe information that must be included in a claim;

(2) provide a mailing address where a claim may be sent;

(3) state the deadline, which may not be fewer than 120 days from the effective date of the written notice, by which the dissolved corporation must receive the claim;

(4) state that the claim will be barred if not received by the deadline; and

(5) state the deadline under subdivision (c)(2) of this section for enforcing a claim rejected by the dissolved corporation.

(c) A claim against the dissolved corporation is barred:

(1) if a claimant who received written notice under subsection (b) of this section does not deliver the claim to the dissolved corporation by the deadline;

(2) if a claimant whose claim was rejected by the dissolved corporation does not commence a proceeding to enforce the claim within 90 days from the effective date of the rejection notice.

(d) For purposes of this section, "claim" does not include a contingent liability or a claim based on an event occurring after the effective date of dissolution, or on taxes due or assessable by the state of Vermont. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994.)