                                 CODE OF VIRGINIA

KNOWN CLAIMS AGAINST DISSOLVED LIMITED LIABILITY COMPANY (§ 13.1-1049.1)

A. A dissolved limited liability company may dispose of the known claims against
it by following the procedure described in this section.

B. The dissolved limited liability company shall deliver to each of its known
claimants written notice of the dissolution at any time after its effective
date. The written notice shall:

   1. Provide a reasonable description of the claim that the claimant may be
   entitled to assert;

   2. State whether the claim is admitted, or not admitted, and if admitted (i)
   the amount that is admitted, which may be as of a given date, and (ii) any
   interest obligation if fixed by an instrument of indebtedness;

   3. Provide a mailing address where a claim may be sent;

   4. State a deadline, which may not be fewer than 120 days from the effective
   date of the written notice, by which confirmation of the claim shall be
   delivered to the dissolved limited liability company; and

   5. State that, except to the extent that any claim is admitted, the claim will
   be barred if written confirmation of the claim is not delivered by the
   deadline.

C. A claim against the dissolved limited liability company is barred to the
extent that it is not admitted:

   1. If the dissolved limited liability company delivered written notice to the
   claimant in accordance with subsection B and the claimant does not deliver
   written confirmation of the claim to the dissolved limited liability company
   by the deadline; or

   2. If the dissolved limited liability company delivered written notice to the
   claimant that its claim is not admitted, in whole or in part, and the claimant
   does not commence a proceeding to enforce the claim within 90 days from the
   effective date of such notice.

D. For purposes of this section, &#8220;claim&#8221; does not include (i) a
contingent liability or a claim based on an event occurring after the effective
date of dissolution or (ii) a liability or claim the ultimate maturity of which
is more than 60 days after the delivery of written notice to the claimant
pursuant to subsection B.

E. If a liability exists but the full extent of any damages is or may not be
ascertainable, and a proceeding to enforce the claim is commenced pursuant to
subdivision C 2, the claimant may amend the pleadings after filing to include
any damages that occurred or are alleged to have occurred after filing, and the
court having jurisdiction of such claim may continue such proceeding during its
pendency if it appears that further damages are or still may be occurring.

HISTORY: 2004, c. 601; 2009, c. 763.