SB 0115 Corporations: Forfeiture, Trustees in Liquidation
Committee:JUDILR Number:L0543.03T
Last Action:05/16/95 - Signed by Governor
Title:HCS/SB 115
Effective Date:August 28, 1995
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Current Bill Summary

HCS/SB 115 - Any claim against a dissolved corporation that is covered by insurance is not subject to certain notice requirements by the corporation. Such claim may be asserted against the corporation. Judgments on such claims shall only be enforceable against the insurance contracts held by the corporation. For corporations whose rights and privileges were forfeited before August 28, 1990, the officers and directors in office when the forfeiture occurred shall be the trustees of the corporation and shall have the full authority to wind up the corporation's affairs. These trustees may sue and be sued as trustees and will be jointly and severally liable to the creditors and shareholders of the corporation, to the extent of the corporation's property that they obtain.