                                 CODE OF VIRGINIA

COURT PROCEEDINGS (§ 13.1-1049.3)

A. A dissolved limited liability company that has complied with the notice
requirements of &#xA7; 13.1-1049.2 may file an application with the circuit
court of the city or county where the dissolved limited liability
company&#8217;s principal office, or, if none in the Commonwealth, its
registered office, is or was last located for a determination of the amount and
form of security to be provided for payment of claims that (i) are contingent or
have not been made known to the dissolved limited liability company or that are
based on an event occurring after the effective date of dissolution but that,
based on the facts known to the dissolved limited liability company, are
reasonably estimated to arise after the effective date of dissolution or (ii)
are based on a liability the ultimate maturity of which is more than 60 days
after delivery of written notice to the claimant pursuant to subsection B of
&#xA7; 13.1-1049.1. Provision need not be made for any claim that is or is
reasonably anticipated to be barred under subsection C of &#xA7; 13.1-1049.2.

B. Within 10 days after the filing of the application, notice of the proceeding
shall be given by the dissolved limited liability company to each claimant
holding a contingent claim whose contingent claim is shown on the records of the
dissolved limited liability company.

C. The court may appoint a guardian ad litem to represent all claimants whose
identities are unknown in any proceeding brought under this section. The
reasonable fees and expenses of such guardian, including all reasonable expert
witness fees, shall be paid by the dissolved limited liability company.

D. Provision by the dissolved limited liability company for security in the
amount and the form ordered by the court under subsection A shall satisfy the
dissolved limited liability company&#8217;s obligations with respect to claims
that do not meet the definition of a claim in subsection D of &#xA7;
13.1-1049.1, and such claims may not be enforced against a member who received
assets in liquidation.

HISTORY: 2006, c. 912; 2009, c. 763.