TITLE 30

CORPORATIONS

CHAPTER 23

GENERAL PARTNERSHIPS

PART 8

DISSOLUTION AND WINDING UP

30-23-807.  KNOWN CLAIMS AGAINST DISSOLVED LIMITED LIABILITY PARTNERSHIP. (a)  Except as otherwise provided in subsection (d) of this section, a dissolved limited liability partnership may give notice of a known claim under subsection (b) of this section that has the effect provided in subsection (c) of this section.

(b)  A dissolved limited liability partnership may in a record notify its known claimants of the dissolution. The notice must:

(1)  Specify the information required to be included in a claim;

(2)  State that a claim must be in writing and provide a mailing address to which the claim is to be sent;

(3)  State the deadline for receipt of a claim that may not be less than one hundred twenty (120) days after the date the notice is received by the claimant;

(4)  State that the claim will be barred if not received by the deadline; and

(5)  Unless the partnership has been throughout its existence a limited liability partnership, state that the barring of a claim against the partnership will also bar any corresponding claim against any partner or person dissociated as a partner based on section 30-23-306, Idaho Code.

(c)  A claim against a dissolved limited liability partnership is barred if the requirements of subsection (b) of this section are met and:

(1)  The claim is not received by the specified deadline; or

(2)  If the claim is timely received but rejected by the limited liability partnership:

(A)  The partnership causes the claimant to receive a notice in a record stating that the claim is rejected and will be barred unless the claimant commences an action against the partnership to enforce the claim not later than ninety (90) days after the claimant receives the notice; and

(B)  The claimant does not commence the required action not later than ninety (90) days after the claimant receives the notice.

(d)  This section does not apply to a claim based on an event occurring after the date of dissolution or a liability that on that date is contingent.

History:

[30-23-807, added 2015, ch. 243, sec. 30, p. 833.]