31 §703. Winding up (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11) - Maine Statutes

Title 31: PARTNERSHIPS AND ASSOCIATIONS

Chapter 13: LIMITED LIABILITY COMPANIES

Subchapter 9: DISSOLUTION

§703. Winding up

(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)

(WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)

2. Liquidation process. Upon dissolution of a limited liability company and until the filing of a certificate of cancellation as provided in section 625, the persons winding up a limited liability company's affairs in the name of and for and on behalf of the limited liability company may prosecute and defend suits whether civil, criminal or administrative, settle and close a limited liability company's business, dispose of and convey a limited liability company's property, discharge or make reasonable provision for a limited liability company's liabilities and distribute to the members any remaining assets of a limited liability company, all without affecting the liability of members and without imposing liability on the liquidating trustee.

[ 1993, c. 718, Pt. A, §1 (NEW) .]

SECTION HISTORY

1993, c. 718, §A1 (NEW). 2009, c. 164, §4 (AMD). 2009, c. 629, Pt. A, §1 (RP). 2009, c. 629, Pt. A, §3 (AFF).