Vermont § 1210 - Court proceeding

§ 1210. Court proceeding

• (a) Upon application by a dissolved mutual benefit enterprise that has published a notice
  under section 1209 of this title, the Superior Court in the county where the enterprise’s principal office is located
  or, if the enterprise does not have a principal office in this State where its designated
  office in this State is located, may determine the amount and form of security to
  be provided for payment of claims against the enterprise that are contingent, have
  not been made known to the enterprise, or are based on an event occurring after the
  effective date of dissolution but that, based on the facts known to the enterprise,
  are reasonably anticipated to arise after the effective date of dissolution. (b) Not later than 14 days after filing an application under subsection (a) of this section,
  a dissolved mutual benefit enterprise shall give notice of the proceeding to each
  known claimant holding a contingent claim. (c) The court may appoint a representative in a proceeding brought under this section
  to represent all claimants whose identities are unknown. The dissolved mutual benefit
  enterprise shall pay reasonable fees and expenses of the representative, including
  all reasonable attorney’s and expert witness fees. (d) Provision by the dissolved mutual benefit enterprise for security in the amount and
  the form ordered by the court satisfies the enterprise’s obligations with respect
  to claims that are contingent, have not been made known to the enterprise, or are
  based on an event occurring after the effective date of dissolution, and the claims
  may not be enforced against a member that received a distribution. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012; amended 2017, No. 11, § 14.)