Chapter 13: LIMITED LIABILITY COMPANIES ENACTED BY PL 1993, C. 718, PT. A, §1
Subchapter 9: DISSOLUTION ENACTED BY PL 1993, C. 718, PT. A, §1
§707. Unknown claims against dissolved limited liability company
1.Publication of notice for unknown claims. A dissolved limited liability company may publish notice of its dissolution pursuant to this section that requests that
persons with claims against a limited liability company present them in accordance with the notice set forth in subsection
2.
[
1993, c. 718, Pt. A, §1 (NEW)
.]
2.Notice requirements. The notice must:
A. Be published one time in a newspaper of general circulation in the county where the dissolved limited liability company's
principal office is or was located or, if none in this State, in Kennebec County; [2007, c. 323, Pt. D, §15 (AMD); 2007, c. 323, Pt. G, §4 (AFF).]
B. Describe the information that must be included in a claim and provide a mailing address where the claim may be sent; and [1993, c. 718, Pt. A, §1 (NEW).]
C. State that a claim against a limited liability company will be barred unless a proceeding to enforce the claim is commenced
within 5 years after the publication of the notice. [1993, c. 718, Pt. A, §1 (NEW).]
[
2007, c. 323, Pt. D, §15 (AMD);
2007, c. 323, Pt. G, §4 (AFF)
.]
3.Claims barred. If the dissolved limited liability company publishes a newspaper notice in accordance with subsection 2 and files a certificate
of cancellation pursuant to section 625, the claim of each of the following claimants is barred unless the claimant commences
a proceeding to enforce the claim against the dissolved limited liability company within 5 years after the later of publication
date of the newspaper notice or the filing of the certificate of cancellation:
A. A claimant who did not receive written notice under section 706; [1993, c. 718, Pt. A, §1 (NEW).]
B. A claimant whose claim was timely sent to the dissolved limited liability company but not acted on; and [1993, c. 718, Pt. A, §1 (NEW).]
C. A claimant whose claim is contingent or based on an event occurring after the effective date of dissolution. [1993, c. 718, Pt. A, §1 (NEW).]
[
1993, c. 718, Pt. A, §1 (NEW)
.]
4.Enforcement of claim. A claim may be enforced under this section:
A. Against the dissolved limited liability company, to the extent of its undistributed assets; or [1993, c. 718, Pt. A, §1 (NEW).]
B. If the assets have been distributed in liquidation, against a member of the dissolved limited liability company to the extent
of that member's pro rata share of the claim or the assets of a limited liability company distributed to the member in liquidation,
whichever is less, but a member's total liability for all claims under this section may not exceed the total amount of assets
distributed to that member. [1993, c. 718, Pt. A, §1 (NEW).]
[
1993, c. 718, Pt. A, §1 (NEW)
.]
SECTION HISTORY
1993, c. 718, §A1 (NEW).
2007, c. 323, Pt. D, §15 (AMD).
2007, c. 323, Pt. G, §4 (AMD).
Data for this page extracted on 10/14/2009 10:53:53.