Okla. Stat. tit. 18, § 18-441-1209
This is the official text of Okla. Stat. tit. 18, § 18-441-1209, part of Oklahoma’s Stat. tit. 18, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 18,." Browse the sections below, each linked to its official government source.
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Other claims against dissolved limited cooperative
Official statutory text
association.
OTHER CLAIMS AGAINST DISSOLVED LIMITED COOPERATIVE ASSOCIATION.
(a) A dissolved limited cooperative association may publish
notice of its dissolution and request persons having claims against
the association to present them in accordance with the notice.
(b) A notice under subsection (a) of this section must:
(1) Be published at least once in a newspaper of general
circulation in the county in which the dissolved limited cooperative
association’s principal office is located or, if the association
does not have a principal office in this state, in the county in
which the association’s designated office is or was last located;
(2) Describe the information required to be contained in a
claim and provide an address to which the claim is to be sent; and
(3) State that a claim against the association is barred unless
an action to enforce the claim is commenced not later than three (3)
years after publication of the notice.
(c) If a dissolved limited cooperative association publishes a
notice in accordance with subsection (b) of this section, the claim
of each of the following claimants is barred unless the claimant
commences an action to enforce the claim not later than three (3)
years after the first publication date of the notice:
(1) A claimant that is entitled to but did not receive notice
in a record under Section 109 of this act; and
(2) A claimant whose claim is contingent or based on an event
occurring after the effective date of dissolution.
(d) A claim not barred under this section may be enforced:
(1) Against a dissolved limited cooperative association, to the
extent of its undistributed assets; or
(2) If the association’s assets have been distributed in
connection with winding up the association’s activities, against a
member or holder of financial rights to the extent of that person’s
proportionate share of the claim or the association’s assets
Oklahoma Statutes - Title 18. Corporations Page 216
distributed to the person in connection with the winding up,
whichever is less. The person’s total liability for all claims
under this paragraph shall not exceed the total amount of assets
distributed to the person as part of the winding up of the
association.
OTHER CLAIMS AGAINST DISSOLVED LIMITED COOPERATIVE ASSOCIATION.
(a) A dissolved limited cooperative association may publish
notice of its dissolution and request persons having claims against
the association to present them in accordance with the notice.
(b) A notice under subsection (a) of this section must:
(1) Be published at least once in a newspaper of general
circulation in the county in which the dissolved limited cooperative
association’s principal office is located or, if the association
does not have a principal office in this state, in the county in
which the association’s designated office is or was last located;
(2) Describe the information required to be contained in a
claim and provide an address to which the claim is to be sent; and
(3) State that a claim against the association is barred unless
an action to enforce the claim is commenced not later than three (3)
years after publication of the notice.
(c) If a dissolved limited cooperative association publishes a
notice in accordance with subsection (b) of this section, the claim
of each of the following claimants is barred unless the claimant
commences an action to enforce the claim not later than three (3)
years after the first publication date of the notice:
(1) A claimant that is entitled to but did not receive notice
in a record under Section 109 of this act; and
(2) A claimant whose claim is contingent or based on an event
occurring after the effective date of dissolution.
(d) A claim not barred under this section may be enforced:
(1) Against a dissolved limited cooperative association, to the
extent of its undistributed assets; or
(2) If the association’s assets have been distributed in
connection with winding up the association’s activities, against a
member or holder of financial rights to the extent of that person’s
proportionate share of the claim or the association’s assets
Oklahoma Statutes - Title 18. Corporations Page 216
distributed to the person in connection with the winding up,
whichever is less. The person’s total liability for all claims
under this paragraph shall not exceed the total amount of assets
distributed to the person as part of the winding up of the
association.
Status: in_force · Read it on the official government site
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