Guam § 171210 - Other Claims Against Dissolved Limited Cooperative Association.

§ 171210. Other Claims Against Dissolved Limited Cooperative Association.

(a) A dissolved limited cooperative association shall publish notice of its dissolution and request

persons having claims against the association to present them in accordance with the notice.

(b) A notice authorized under Subsection (a) of this Section must:

(1) be published at least once in a newspaper of general circulation in Guam or, if the principal

office and registered agent are not located in Guam, in the county in which the office of the

association’s registered agent is or was last located;

(2) describe the information required to be contained in a claim, state that the claim must be in

writing, and provide a mailing address to which the claim is to be sent; and

(3) state that a claim against the association is barred unless an action to enforce the claim is

commenced not later than three (3) years after publication of the notice.

(c) If a dissolved limited cooperative association publishes a notice in accordance with Subsection (b)

of this Section, the claim of each of the following claimants is barred unless the claimant commences an

action to enforce the claim against the association not later than three (3) years after the publication date of

the notice:

(1) a claimant that did not receive notice in a record under § 171209;

(2) a claimant whose claim was timely sent to the company but not acted on; and

(3) a claimant whose claim is contingent at, or based on an event occurring after, the effective

date of dissolution.

(d) A claim not barred under this section or § 171209 may be enforced:

(1) against a dissolved limited cooperative association, to the extent of its undistributed assets;

and

(2) except as provided in § 171211, if the assets of the association have been distributed after

dissolution, against a member or holder of financial rights to the extent of that person’s proportionate

share of the claim or the assets distributed to the person after dissolution, whichever is less, but a

person’s total liability for all claims under this Paragraph may not exceed the total amount of assets

distributed to the person after dissolution.