(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 notify its known claimants in writing of the dissolution at any time after its effective date. The written notice must:
(1) describe information that must be included in a claim;
(2) provide a mailing address where a claim may be sent;
(3) state the deadline, which may not be fewer than one hundred twenty days from the effective date of the written notice, by which the dissolved corporation must receive the claim; and
(4) state that the claim will be barred if not received by the deadline.
(c) A claim against the dissolved corporation is barred:
(1) if a claimant who was given written notice under subsection (b) does not deliver the claim to the dissolved corporation by the deadline;
(2) if a claimant whose claim was rejected by the dissolved corporation does not commence a proceeding to enforce the claim within ninety days from the effective date of the rejection notice and the rejection notice stated that proceedings to enforce the claim must be commenced within ninety days.
(d) For purposes of this section, "claim" does not include a contingent liability or a claim based on an event occurring after the effective date of dissolution.
HISTORY: Derived from 1976 Code Section 33-21-60 [1962 Code Section 12-22.6; 1962 (52) 1996; 1963 (53) 327; 1981 Act No. 146, Section 2; Repealed, 1988 Act No. 444, Section 4(1)]; and Section 33-21-180 [1962 Section 12-22.18; 1962 (52) 1996; 1981 Act No. 146, Section 2; Repealed, 1988 Act No. 444, Section 4(1)]; 1988 Act No. 444, Section 2.
Structure South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
Section 33-14-101. Dissolution by incorporators or initial directors.
Section 33-14-102. Dissolution by board of directors and shareholders.
Section 33-14-103. Articles of dissolution.
Section 33-14-104. Revocation of dissolution.
Section 33-14-105. Effect of dissolution.
Section 33-14-106. Known claims against dissolved corporation.
Section 33-14-107. Unknown claims against dissolved corporation.
Section 33-14-200. Grounds for administrative dissolution.
Section 33-14-210. Procedure for and effect of administrative dissolution.
Section 33-14-220. Reinstatement following administrative dissolution.
Section 33-14-230. Appeal from denial of reinstatement.
Section 33-14-300. Grounds for judicial dissolution.
Section 33-14-310. Procedure for judicial dissolution.
Section 33-14-320. Receivership or custodianship.
Section 33-14-330. Decree of dissolution.
Section 33-14-400. Deposit with Department of Revenue.
Section 33-14-420. Claims against former shareholder of dissolved corporation.