48-2c-1305 - Disposition of known claims by notification. - Utah Statutes

48-2c-1305. Disposition of known claims by notification.
(1) A dissolved company in winding up may dispose of the known claims against it byfollowing the procedures described in this section.
(2) A company in winding up electing to dispose of known claims pursuant to this sectionmay give written notice of the company's dissolution to known claimants at any time after theeffective date of the dissolution. The written notice must:
(a) describe the information that must be included in a claim;
(b) provide an address to which written notice of any claim must be given to thecompany;
(c) state the deadline, which may not be fewer than 120 days after the effective date ofthe notice, by which the dissolved company must receive the claim; and
(d) state that, unless sooner barred by another state statute limiting actions, the claim willbe barred if not received by the deadline.
(3) Unless sooner barred by another statute limiting actions, a claim against the dissolvedcompany is barred if:
(a) a claimant was given notice under Subsection (2) and the claim is not received by thedissolved company by the deadline; or
(b) the dissolved company delivers to the claimant written notice of rejection of the claimwithin 90 days after receipt of the claim and the claimant whose claim was rejected by thedissolved company does not commence a proceeding to enforce the claim within 90 days after theeffective date of the rejection notice.
(4) Claims which are not rejected by the dissolved company in writing within 90 daysafter receipt of the claim by the dissolved company shall be considered approved.
(5) The failure of the dissolved company to give notice to any known claimant pursuantto Subsection (2) does not affect the disposition under this section of any claim held by any otherknown claimant.
(6) For purposes of this section, "claim" does not include a contingent liability or a claimbased on an event occurring after the effective date of dissolution.

Enacted by Chapter 260, 2001 General Session