Discharge or Reasonable Provision to Be Made for Payment of Claims — Liability of Directors

  1. Law
  2. Tennessee Code
  3. Securities, Corporations and Associations
  4. Dissolution
  5. Voluntary Dissolution
  6. Discharge or Reasonable Provision to Be Made for Payment of Claims — Liability of Directors

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  1. Directors shall cause a dissolved corporation to discharge or make reasonable provision for the payment of claims and make distributions of assets to shareholders after payment or provision for claims.
  2. Directors of a dissolved corporation that has disposed of claims under § 48-24-106 or § 48-24-107 shall not be liable for breach of subsection (a) with respect to claims against the dissolved corporation that are barred or satisfied under § 48-24-106 or § 48-24-107.


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