Vermont § 1208 - Known claims against dissolved mutual benefit enterprise

§ 1208. Known claims against dissolved mutual benefit enterprise

• (a) Subject to subsection (d) of this section, a dissolved mutual benefit enterprise may
  dispose of the known claims against it by following the procedure in subsections (b)
  and (c) of this section. (b) A dissolved mutual benefit enterprise shall notify its known claimants of the dissolution
  in a record. The notice shall: (1) specify that a claim be in a record; (2) specify the information required to be included in the claim; (3) provide an address to which the claim shall be sent; (4) 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 (5) state that the claim will be barred if not received by the deadline. (c) A claim against a dissolved mutual benefit enterprise is barred if the requirements
  of subsection (b) of this section are met, and: (1) the enterprise is not notified of the claimant’s claim, in a record, by the deadline
  specified in the notice under subdivision (b)(4) of this section; (2) in the case of a claim that is timely received but rejected by the enterprise, the
  claimant does not commence an action to enforce the claim against the enterprise within
  90 days after receipt of the notice of the rejection; or (3) if a claim is timely received but is neither accepted nor rejected by the enterprise
  within 120 days after the deadline for receipt of claims, the claimant does not commence
  an action to enforce the claim against the enterprise: (A) after the 120-day period; and (B) within 90 days after the 120-day period. (d) This section does not apply to a claim based on an event occurring after the date
  of dissolution or a liability that is contingent on that date. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)