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Current as of January 01, 2024 | Updated by Findlaw Staff
(1) A creditor as defined in subsection (3) of N.J.S.14A:12-12 or subsection (b) of N.J.S.14A:14-1, and all those claiming through or under the creditor, shall be forever barred from suing a shareholder on any claim, or otherwise realizing upon or enforcing any claim against a shareholder, unless that claim was filed against the shareholder, pursuant to N.J.S.14A:12-13 or N.J.S.14A:14-15, or otherwise, within five years after the corporation was dissolved.
(2) This section shall not: (a) apply to claims against shareholders which are in litigation on the effective date of this section; (b) operate to extend any otherwise applicable statute of limitations; or (c) affect any rights of creditors under the “Uniform Voidable Transactions Act,” R.S.25:2-20 et seq.
Cite this article: FindLaw.com - New Jersey Statutes Title 14A. Corporations, General 14A § 12-13.1 - last updated January 01, 2024 | https://codes.findlaw.com/nj/title-14a-corporations-general/nj-st-sect-14a-12-13-1/
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