181.1406 Known claims against dissolved corporation.
(1) Definition. In this section, “claim" does not include a contingent liability or a claim based on an event occurring after the effective date of dissolution.
(2) Disposition of known claims. A dissolved corporation may dispose of the known claims against it by following the procedure described in this section.
(3) Notice requirements. The dissolved corporation shall notify its known claimants in writing of the dissolution at any time after its effective date. The written notice shall include all of the following information:
(a) A description of the information that must be included in a claim.
(b) A mailing address where a claim may be sent.
(c) 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.
(d) The claim will be barred if not received by the deadline.
(4) When claims barred. A claim against the dissolved corporation is barred if any of the following occurs:
(a) A claimant who is given written notice under sub. (2) does not deliver the claim to the dissolved corporation by the deadline.
(b) A claimant whose claim is 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.
History: 1997 a. 79.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
