(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 shall:
(1) Be published at least once in a newspaper of general circulation in the District or, if the association does not have a principal office in the District, in the state and county in which the association’s principal 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 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 shall be barred unless the claimant commences an action to enforce the claim not later than 3 years after the first publication date of the notice:
(1) A claimant that did not receive, notice in a record under § 29-1012.08;
(2) A claimant whose claim is contingent or based on an event occurring after the effective date of dissolution; and
(3) A claimant whose claim was timely sent to the company but not acted on.
(d) A claim not barred under this section or § 29-1012.08 may be enforced:
(1) Against a dissolved limited cooperative association, to the extent of its undistributed assets; or
(2) If, except as otherwise provided in § 29-1012.10, the assets of the association have been distributed after dissolution against a member or holder of financial rights to the extent of that person’s proportionate share of the claim or the assets distributed to the person after dissolution, whichever is less; however, a person’s total liability for all claims under this paragraph may not exceed the total amount of assets distributed to the person after dissolution.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(j)(8)(D), 59 DCR 13171.)
Section ReferencesThis section is referenced in § 29-1012.10.
Effect of AmendmentsThe 2013 amendment by D.C. Law 19-210 rewrote (c) and (d).
Editor's NotesUniform Law: This section is based on § 1209 of the Uniform Limited Cooperative Association Act.
Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.