Ohio § 1701.882
Full text of Ohio Ohio Revised Code § 1701.882, with citation guidance and answers to common questions.
§ 1701.882.
(A) A dissolved corporation shall do all of the following: (1) Pay the claims made and not rejected under division (A) of section 1701.881 of the Revised Code ; (2) Post the security offered and not rejected under division (B) of section 1701.881 of the Revised Code ; (3) Post security ordered by the court in any proceeding under division (C) of section 1701.881 of the Revised Code ; (4) Make any payment required by a court acting under section 1701.89 of the Revised Code ; (5) Pay or make provision by insurance or otherwise for all other claims that are mature,
known, and uncontested or that have been finally determined to be owing by the corporation
and any other claims described in division (C)(2) of section 1701.881 of the Revised Code . (B) A corporation shall pay in full any claims and liabilities or provide for those payments
in full by insurance or otherwise if the corporation has sufficient assets. If the corporation does not have sufficient assets, a corporation shall pay claims
and liabilities or provide for those payments by insurance or otherwise in order of
their priority. Among claims of equal priority, the corporation shall apportion those payments to
the extent of funds legally available for the payment of those claims. Any remaining assets shall be distributed to the shareholders of the corporation
according to their respective rights and preferences. (C) In the absence of fraud, the judgment of the board of directors of the dissolved
corporation as to the provision the corporation made for the payment of all claims
under division (A)(5) of this section shall be conclusive.
Frequently Asked Questions About Ohio § 1701.882
What does Ohio Revised Code § 1701.882 cover?
Section 1701.882 is part of the Ohio Revised Code, the codified statutory law of Ohio. 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 Ohio § 1701.882?
A common citation format is "Ohio Revised Code § 1701.882" (Ohio). 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 Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 1701.882 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio 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 Ohio.