501.808 Unknown claims against dissolved cooperative.
1. A dissolved cooperative may also publish notice of its dissolution and request that persons with claims against the cooperative present them in accordance with the notice.
2. The notice must meet all of the following requirements:
a. Be published one time in a newspaper of general circulation in the county where the dissolved cooperative’s principal office or, if not in this state, its registered office is or was last located.
b. Describe the information that must be included in a claim and provide a mailing address where the claim may be sent.
c. State that a claim against the cooperative will be barred unless a proceeding to enforce the claim is commenced within five years after the publication of the notice.
3. If the dissolved cooperative publishes a newspaper notice in accordance with subsection 2, the claim of each of the following claimants is barred unless the claimant commences a proceeding to enforce the claim against the dissolved cooperative within five years after the publication date of the newspaper notice:
a. A claimant who did not receive written notice under section 501.807.
b. A claimant whose claim was timely sent to the dissolved cooperative but not acted on.
c. A claimant whose claim is contingent or based on an event occurring after the effective date of dissolution.
4. A claim may be enforced under this section in either of the following ways:
a. Against the dissolved cooperative, to the extent of its undistributed assets.
b. If the assets have been distributed in liquidation, against an interest holder of the dissolved cooperative to the extent of the interest holder’s pro rata share of the claim or the cooperative assets distributed to the interest holder in liquidation, whichever is less, but an interest holder’s total liability for all claims under this section shall not exceed the total amount of assets distributed to the interest holder in liquidation.
98 Acts, ch 1152, §58, 69
Referred to in §501.812, 501.824
Structure Iowa Code
Chapter 501 - CLOSED COOPERATIVES
Section 501.101 - Definitions.
Section 501.102 - Purposes and powers.
Section 501.103 - Permissible members — limited farming activities.
Section 501.105 - Execution and filing of documents.
Section 501.105A - Secretary of state — extra services — surcharge.
Section 501.106 - Registered office and registered agent.
Section 501.108 - Quo warranto.
Section 501.201 - Cooperative formation.
Section 501.202 - Documents of organization.
Section 501.203 - Amended and restated documents of organization.
Section 501.301 - Liability of members.
Section 501.302 - Calling and notice of meetings.
Section 501.303 - Conduct of meetings.
Section 501.303A - Remote participation in meetings of members.
Section 501.304 - Member information.
Section 501.305 - Multiple membership prohibited.
Section 501.306 - Number of votes.
Section 501.307 - Financial information.
Section 501.401 - Number and election.
Section 501.403 - Board action.
Section 501.404 - Director conflict of interest.
Section 501.406 - Standards of conduct.
Section 501.407 - Personal liability — indemnification.
Section 501.411 - Definitions.
Section 501.412 - Permissible indemnification.
Section 501.413 - Mandatory indemnification.
Section 501.414 - Advance for expenses.
Section 501.415 - Court-ordered indemnification.
Section 501.416 - Determination and authorization of indemnification.
Section 501.417 - Indemnification of officers.
Section 501.419 - Variation by corporate action — application of this part.
Section 501.420 - Exclusivity.
Section 501.501 - Issuance and transfer of interests.
Section 501.502 - Termination of membership.
Section 501.503 - Distribution of net savings.
Section 501.601 - Existing associations.
Section 501.603 - Sale of assets.
Section 501.611 - Definitions.
Section 501.613 - Consolidation.
Section 501.614 - Vote of members.
Section 501.615 - Objection of members — purchase of interests upon demand.
Section 501.616 - Value determined.
Section 501.617 - Articles of merger or consolidation.
Section 501.618 - Effective date — effect.
Section 501.619 - Abandonment before filing.
Section 501.702 - Inspection of records by interest holders.
Section 501.703 - Scope of inspection right.
Section 501.704 - Court-ordered inspection.
Section 501.711 - Financial statements for interest holders.
Section 501.712 - Other reports to interest holders.
Section 501.713 - Biennial report for secretary of state.
Section 501.801 - Dissolution by organizers or initial directors.
Section 501.802 - Dissolution by board of directors and members.
Section 501.803 - Articles of dissolution.
Section 501.804 - Revocation of dissolution.
Section 501.805 - Effect of dissolution.
Section 501.806 - Distribution of assets.
Section 501.807 - Known claims against dissolved cooperative.
Section 501.808 - Unknown claims against dissolved cooperative.
Section 501.811 - Grounds for administrative dissolution.
Section 501.812 - Procedure for and effect of administrative dissolution.
Section 501.813 - Reinstatement following administrative dissolution.
Section 501.814 - Appeal from denial of reinstatement.
Section 501.821 - Grounds for judicial dissolution.
Section 501.822 - Procedure for judicial dissolution.
Section 501.823 - Receivership or custodianship.