New Jersey § 42:2c-50
Full text of New Jersey New Jersey Statutes § 42:2c-50, with citation guidance and answers to common questions.
§ 42:2c-50.
Known Claims Against Dissolved Limited Liability Company. a. Except as otherwise provided in subsection d. of this section, a dissolved limited
liability company may give notice of a known claim under subsection b. of this section,
which has the effect as provided in subsection c. of this section. b. A dissolved limited liability company may in a record notify its known claimants
of the dissolution. The notice shall: (1) specify the information required to be included in a claim; (2) provide a mailing address to which the claim is to be sent; (3) state the deadline for receipt of the claim, which may not be less than 120 days
after the date the notice is received by the claimant; and (4) state that the claim will be barred if not received by the deadline. c. A claim against a dissolved limited liability company is barred if the requirements
of subsection b. of this section are met and: (1) the claim is not received by the specified deadline; or (2) if the claim is timely received but rejected by the company: (a) the company causes the claimant to receive a notice in a record stating that the
claim is rejected and will be barred unless the claimant commences an action against
the company to enforce the claim within 90 days after the claimant receives the notice;
and (b) the claimant does not commence the required action within the 90 days. d. This section does not apply to a claim based on an event occurring after the effective
date of dissolution or a liability that on that date is contingent.
Frequently Asked Questions About New Jersey § 42:2c-50
What does New Jersey Statutes § 42:2c-50 cover?
Section 42:2c-50 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 42:2c-50?
A common citation format is "New Jersey Statutes § 42:2c-50" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 42:2c-50 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.