(a)        A claim under N.C. Gen. Stat. § 55-14-06 or N.C. Gen. Stat. § 55-14-07 may be enforced:

(1)        Against the dissolved corporation, to the extent of its undistributed assets, including coverage under any applicable insurance policy, or

(2)        Except as provided in N.C. Gen. Stat. § 55-14-09(d), if the assets have been distributed in liquidation, against a shareholder of the dissolved corporation to the extent of the shareholder’s pro rata share of the claim or the corporate assets distributed to the shareholder in liquidation, whichever is less, but a shareholder’s total liability for all claims under this section may not exceed the total amount of assets distributed to the shareholder.

(b)        Nothing in N.C. Gen. Stat. § 55-14-06 or N.C. Gen. Stat. § 55-14-07 shall extend any applicable period of limitation. (1955, c. 1371, s. 1; 1973, c. 469, ss. 39, 40; 1989, c. 265, s. 1; 2005-268, s. 32.)

Terms Used In North Carolina General Statutes 55-14-08

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.