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Section 14.09 - Enforcement of Claims Against Dissolved Corporation

MA Gen L ch 156d § 14.09 (2019) (N/A)
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Section 14.09. ENFORCEMENT OF CLAIMS AGAINST DISSOLVED CORPORATION

(a) A claim against a dissolved corporation described in sections 14.06, 14.07 or 14.08, and which is not barred under the applicable statute of limitations, may be enforced against the dissolved corporation to the extent of any undistributed assets, including any available assets in a reserve created under section 14.08, any available proceeds under an insurance policy, and any applicable assumption of the dissolved corporation's liabilities by a third party.

(b) The giving of notice and/or the setting aside of any reserve hereunder or otherwise by the dissolved corporation is not an admission of the existence or validity of any claim or amount.

(c) No time periods set forth in sections 14.06, 14.07 or 14.08 extend or shorten any applicable statute of limitations.

(d) No liability shall be imposed upon the dissolved corporation's shareholders or directors, or those acting in their place, under section 6.41 or otherwise with respect to any claim described in sections 14.06, 14.07 or 14.08 if the procedures described in those sections are followed.

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Section 14.08 - Creation of Reserves as Adequate Provision for Unasserted Product Liability Claims and Known Contingent Claims Against Dissolved Corporation
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Section 14.20 - Grounds for Administrative Dissolution