Arkansas § 4-27-1407 - Unknown claims against dissolved corporation.

§ 4-27-1407. Unknown claims against dissolved corporation.

A dissolved corporation may also publish notice of its dissolution and request that persons with claims against the corporation present them in accordance with the notice. The notice must: be published one (1) time in a newspaper of general circulation in the county where the dissolved corporation's principal office is or was last located or in a newspaper of general circulation in Pulaski County if the corporation did not have a principal office in this state; describe the information that must be included in a claim and provide a mailing address where the claim may be sent; and state that a claim against the corporation will be barred unless a proceeding to enforce the claim is commenced within five (5) years after the publication of the notice. If the dissolved corporation publishes a newspaper notice in accordance with subsection (b) of this section, the claim of each of the following claimants is barred unless the claimant commences a proceeding to enforce the claim against the dissolved corporation within five (5) years after the publication date of the newspaper notice: a claimant who did not receive written notice under § 4-27-1406; a claimant whose claim was timely sent to the dissolved corporation but not acted on; a claimant whose claim is contingent or based on an event occurring after the effective date of dissolution. A claim may be enforced under this section: against the dissolved corporation, to the extent of its undistributed assets; or if the assets have been distributed in liquidation, against a shareholder of the dissolved corporation to the extent of his pro rata share of the claim or the corporate assets distributed to him in liquidation, whichever is less, but a shareholder's total liability for all claims under this section may not exceed the total amount of assets distributed to him.