                                 CODE OF VIRGINIA

KNOWN CLAIMS AGAINST DISSOLVED CORPORATION (§ 13.1-908)

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

B. The dissolved corporation 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 the deadline, which may not be fewer than 120 days from the effective
   date of the written notice, by which confirmation of the claim is required to
   be delivered to the dissolved corporation; 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 corporation is barred to the extent that it is
not admitted:

   1. If the dissolved corporation 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 corporation by the deadline; or

   2. If the dissolved corporation delivered written notice to the claimant that
   his 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 delivery of
   written confirmation of the claim to the dissolved corporation.

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 may be still occurring.

HISTORY: 1985, c. 522; 2007, c. 925.