Terms Used In Wisconsin Statutes 181.1406

  • 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.
  • Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
  • in writing: includes any representation of words, letters, symbols or figures. See Wisconsin Statutes 990.01
   (1)    Definition. In this section, “claim” does not include a contingent liability or a claim based on an event occurring after the effective date of dissolution.
   (2)   Disposition of known claims. A dissolved corporation may dispose of the known claims against it by following the procedure described in this section.
   (3)   Notice requirements. The dissolved corporation shall notify its known claimants in writing of the dissolution at any time after its effective date. The written notice shall include all of the following information:
      (a)    A description of the information that must be included in a claim.
      (b)    A mailing address where a claim may be sent.
      (c)    The deadline, which may not be fewer than 120 days from the effective date of the written notice, by which the dissolved corporation must receive the claim.
      (d)    The claim will be barred if not received by the deadline.
   (4)   When claims barred. A claim against the dissolved corporation is barred if any of the following occurs:
      (a)    A claimant who is given written notice under sub. (2) does not deliver the claim to the dissolved corporation by the deadline.
      (b)    A claimant whose claim is rejected by the dissolved corporation does not commence a proceeding to enforce the claim within 90 days from the effective date of the rejection notice.