Section 450.2842 - Mailing notice to creditor of corporation; failure to file claim as bar to enforcement; applicability. - Michigan Statutes

NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982

450.2842 Mailing notice to creditor of corporation; failure to file claim as bar to enforcement; applicability.

Sec. 842.

(1) On or before the date of first publication of the notice prescribed in section 841, the corporation or the receiver shall mail a copy of the notice to each known creditor of the corporation. The giving of the notice does not constitute recognition that a person to whom the notice is directed is a creditor of the corporation other than for the purpose of receipt of notice hereunder.

(2) Except as otherwise provided in this act, a creditor who does not file a claim as required by the notice, and all persons claiming through or under that creditor, are forever barred from suing on the claim or otherwise realizing upon or enforcing it. However, this section does not apply to a claim in litigation on the date of the first publication of the notice and does not preclude the enforcement of a lien, encumbrance, or other security interest. A claim filed by a trustee or paying agent for the holders of bonds or coupons has the same effect as if filed by the holder of any such bond or coupon.

History: 1982, Act 162, Eff. Jan. 1, 1983