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Current as of January 01, 2025 | Updated by Findlaw Staff
The assets of a corporation in the process of dissolution shall be applied and distributed as follows:
(1) All liabilities and obligations of the corporation shall be paid, satisfied and discharged, or adequate provision made therefor;
(2) Assets held by the corporation upon condition requiring return, transfer or conveyance, which condition occurs by reason of the dissolution, shall be returned, transferred, or conveyed in accordance with such requirements;
(3) Remaining assets, if any shall be distributed to the members, shareholders or others in accordance with the provisions of the articles of incorporation.
Cite this article: FindLaw.com - Washington Revised Code Title 24. Corporations and Associations (Nonprofit) § 24.06.265. Distribution of assets - last updated January 01, 2025 | https://codes.findlaw.com/wa/title-24-corporations-and-associations-nonprofit/wa-rev-code-24-06-265/
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 before relying on it for your legal needs.
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