17-30-903. Claims against terminated statutory foundation.

(a) A terminated statutory foundation may publish notice of termination and, in the notice, request persons with claims against the foundation to present them in accordance with the notice.

(b) The notice authorized by subsection (a) of this section shall:

(i) Be published at least once in a newspaper of general circulation in the county of this state in which the principal office of the terminated statutory foundation was located or, if the foundation does not have a principal office in this state, in the county in which the designated office of the foundation is or was last located;

(ii) Describe the information required to be contained in a claim and provide a mailing address to which a claim may be sent; and

(iii) State that a claim against the foundation is barred one hundred twenty (120) days after the date of first publication of the notice.

(c) A creditor may file a claim against the assets of a terminated statutory foundation within the earlier of:

(i) One hundred twenty (120) days after the termination of the statutory foundation;

(ii) If the terminated statutory foundation publishes a notice under subsection (a) of this section, one hundred twenty (120) days after the first publication of a notice complying with subsection (b) of this section; or

(iii) One hundred twenty (120) days after a known creditor has been mailed notice, by certified mail return receipt requested. As part of notice under this paragraph, notice shall inform a known creditor:

(A) Of the information required to be included in a claim;

(B) Of the name of the terminated statutory foundation and the mailing address to which a claim may be sent; and

(C) Of the deadline for the known creditor to make a claim, one hundred twenty (120) days after a notice is mailed by certified mail return receipt requested.

(d) A creditor failing to file a claim within the times set forth in this section is prohibited from making a claim against the assets of a terminated statutory foundation.