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 one hundred twenty 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) 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 ninety days after the receipt of the notice of the rejection. (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. Source: SL 1998, ch 272, § 807.