Vermont Statutes Title 11 Sec. 1209
Terms Used In Vermont Statutes Title 11 Sec. 1209
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Designated office: means the office that a mutual benefit enterprise or a foreign enterprise is required to designate and maintain under subdivision 117(a)(1) of this title. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Member: means a person that is admitted as a patron member or investor member or both in a mutual benefit enterprise. See
- Mutual benefit enterprise: means an enterprise organized under this title. See
- Person: means an individual; corporation; business trust; cooperative; estate; trust; partnership; limited partnership; limited liability company; mutual benefit enterprise; joint venture; association; public corporation; government or governmental subdivision, agency, or instrumentality; or any other legal or commercial entity. See
- Principal office: means the principal executive office of a mutual benefit enterprise or foreign enterprise, whether or not in this State. See
- State: means a state of the United States, District of Columbia, Puerto Rico, the U. See
§ 1209. Other claims against dissolved mutual benefit enterprise
(a) A dissolved mutual benefit enterprise may publish notice of its dissolution and request persons having claims against the enterprise to present them in accordance with the notice.
(b) A notice under subsection (a) of this section shall:
(1) be published at least once in a newspaper of general circulation in the county in which the dissolved mutual benefit enterprise’s principal office is located or, if the enterprise does not have a principal office in this State, in the county in which the enterprise’s designated office is or was last located;
(2) describe the information required to be contained in a claim and provide an address to which the claim is to be sent; and
(3) state that a claim against the enterprise is barred unless an action to enforce the claim is commenced not later than three years after publication of the notice.
(c) If a dissolved mutual benefit enterprise publishes a notice in accordance with subsection (b) of this section, the claim of each of the following claimants is barred unless the claimant commences an action to enforce the claim not later than three years after the first publication date of the notice:
(1) a claimant that is entitled to but did not receive notice in a record under section 1208 of this title; and
(2) a claimant whose claim is contingent or based on an event occurring after the effective date of dissolution.
(d) A claim not barred under this section may be enforced:
(1) Against a dissolved mutual benefit enterprise, to the extent of its undistributed assets.
(2) If the enterprise’s assets have been distributed in connection with winding up the enterprise’s activities against a member or holder of financial rights, to the extent of that person‘s proportionate share of the claim or the enterprise’s assets distributed to the person in connection with the winding up, whichever is less. The person’s total liability for all claims under this subdivision shall not exceed the total amount of assets distributed to the person as part of the winding up of the enterprise. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)