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Wisconsin Statutes Corporations (Ch. 180 to 188) § 181.1406. Known claims against dissolved corporation

Current as of January 01, 2025 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Wisconsin Statutes Corporations (Ch. 180 to 188) § 181.1406. Known claims against dissolved corporation - last updated January 01, 2025 | https://codes.findlaw.com/wi/corporations-ch-180-to-188/wi-st-181-1406/

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