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Current as of February 19, 2021 | Updated by FindLaw Staff
a. Any creditor as defined in subsection c. of section 15A:12-18 who does not file a claim as provided in the notice given pursuant to section 15A:12-18, and all those claiming through or under that creditor, shall be forever barred from suing on the claim or otherwise realizing upon or enforcing it except, in the case of a creditor who shows good cause for not having previously filed a claim, to the extent as the Superior Court may allow:
(1) Against the corporation to the extent of any undistributed assets; or
(2) If the undistributed assets are not sufficient to satisfy the claim, against a member or other person, corporation or corporate business entity to the extent of the distributee's ratable part of the claim, out of the assets of the corporation distributed to the distributee in liquidation or dissolution.
b. This section shall not apply to claims which are in litigation on the date of the first publication of the notice pursuant to section 15A:12-18.
Cite this article: FindLaw.com - New Jersey Statutes Title 15A. Corporations, Nonprofit 15A § 12-19 - last updated February 19, 2021 | https://codes.findlaw.com/nj/title-15a-corporations-nonprofit/nj-st-sect-15a-12-19/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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