Effective 28 Aug 1977
349.095. Dissolution of corporation, effect of. — Upon termination or dissolution, all rights and properties of the corporation shall pass to and be vested in the county or municipality of incorporation, subject to the rights of bondholders, noteholders, and other creditors. Except that no county or municipality nor the citizens thereof shall be subject to any tax assessment or financial liability to any bondholder, noteholder and any other creditor nor shall any county or municipality be permitted to expend any public moneys for the payment of any indebtedness of bonds, notes, or any other claims by creditors of any nature. Any and all indebtedness, whether by bond, note or any creditor claim, shall be paid exclusively from the revenues, if any, from such terminated or dissolved corporation.
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(L. 1977 S.B. 267 § 18)
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