Guam § 281407 - Other Claims Against Dissolved Corporation.

§ 281407. Other Claims Against Dissolved Corporation.

(a) A dissolved corporation may also publish notice of its dissolution

and request that persons with claims against the dissolved corporation

present them in accordance with the notice.

COL372014

18 GCA BUSINESS STRUCTURE & FUNCTION

(b) The notice must:

(1) be published one time in a newspaper of general circulation in

Guam;

(2) describe the information that must be included in a claim and

provide a mailing address where the claim may be sent; and

(3) state that a claim against the dissolved corporation will be

barred unless a proceeding to enforce the claim is commenced within

three years after the publication of the notice.

(c) If the dissolved corporation publishes a newspaper notice in

accordance with subsection (b), 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 three years after the publication date

of the newspaper notice:

(1) a claimant who was not given written notice under § 281406;

(2) a claimant whose claim was timely sent to the dissolved

corporation but not acted on;

(3) a claimant whose claim is contingent or based on an event

occurring after the effective date of dissolution.

(d) A claim that is not barred by § 281406 (b) or § 281407 (c) may be

enforced:

(1) against the dissolved corporation, to the extent of its

undistributed assets; or

(2) except as provided in § 281408 (d), if the assets have been

distributed in liquidation, against a shareholder of the dissolved

corporation to the extent of the shareholder’s pro rata share of the claim

or the corporate assets distributed to the shareholder 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 the

shareholder.