New Jersey Statutes 42:2C-52. Claims against member or transferee barred unless filed within five years after limited liability company dissolved
Terms Used In New Jersey Statutes 42:2C-52
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
a. A claimant, and all those claiming through or under the claimant, shall be forever barred from suing a member or transferee on any claim, or otherwise realizing upon or enforcing any claim against a member or transferee, unless an action is commenced against the member or transferee, pursuant to paragraph (2) of subsection d. of section 51 of this act, or otherwise, within five years after the limited liability company was dissolved.
b. This section shall not:
(1) apply to claims against members or transferees which are in litigation on the effective date of this section;
(2) operate to extend any otherwise applicable statute of limitations; or
(3) affect any rights of creditors under the “Uniform Voidable Transactions Act,” R.S.25:2-20 et seq.
L.2012, c.50, s.52; amended 2021, c.92, s.21.