Arizona § 10-1406 - Known claims against dissolved corporation; definition

§ 10-1406. Known claims against dissolved corporation; definition

A. A dissolved corporation may dispose of the known claims against it by following the procedure described in this section.

B. The dissolved corporation shall notify its known claimants in writing of the dissolution at any time and from time to time after its effective date. The written notice shall:

1. Describe information that shall be included in a claim.

2. Provide a mailing address where a claim may be sent.

3. State the deadline, which may not be fewer than one hundred twenty days from the effective date of the written notice, by which the dissolved corporation must receive the claim.

4. State that the claim will be barred if not received by the deadline.

C. A claim against the dissolved corporation is barred either:

1. If a claimant who was given written notice under subsection B does not deliver the claim to the dissolved corporation by the deadline.

2. If a claimant whose claim was rejected by the dissolved corporation does not commence a proceeding to enforce the claim within ninety days from the effective date of the rejection notice.

D. For purposes of this section, "claim" does not include a contingent claim. Notwithstanding the foregoing, a claim that is contingent as of the effective date of dissolution but later ripens into a known claim or a claim based on an event occurring after the effective date of dissolution may be disposed of by the dissolved corporation by following the procedures described in subsections B and C.