Illinois General Assembly - Illinois Compiled Statutes

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805 ILCS 180/25-45

(805 ILCS 180/25-45)

Sec. 25-45.

Known claims against dissolved limited liability company.

(a) A dissolved limited liability company may dispose of the known claims
against it by following the procedure described in this Section.

(b) A dissolved limited liability company shall notify its known claimants
in
writing of the dissolution.  The notice must:

(1) specify the information required to be included

in a claim;

(2) provide a mailing address where the claim is to

be sent;

(3) state the deadline for receipt of the claim,

which may not be less than 120 days after the date the written notice is received by the claimant; and

(4) state that the claim will be barred if not

received by the deadline.

(c) A claim against a dissolved limited liability company 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) in the case of a claim that is timely received

but rejected by the dissolved company, the claimant does not commence a proceeding to enforce the claim within 90 days after the receipt of the notice of the rejection.

(d) For purposes of this Section, the term "claim" does not include a
contingent
liability or a claim based on an event occurring after the effective
date of dissolution.

(Source: P.A. 90-424, eff. 1-1-98.)