16-6a-1408. Enforcement of claims against dissolved nonprofit corporation

(1) Subject to Subsection (2), a claim may be enforced under Section 16-6a-1406 or 16-6a-1407:
     (a) against the dissolved nonprofit corporation to the extent of its undistributed assets; and
     (b) if assets have been distributed in liquidation, against any person, other than a creditor of the nonprofit corporation, to whom the nonprofit corporation distributed its property.

(2) Notwithstanding Subsection (1), a distributee's total liability for all claims under this section may not exceed the total value of assets distributed to the distributee, as the value is determined at the time of distribution.

(3) (a) A distributee required to return any portion of the value of assets received by the distributee in liquidation shall be entitled to contribution from all other distributees.
     (b) Each contribution under Subsection (3)(a):
            (i) shall be in accordance with the contributing distributee's rights and interests; and
            (ii) may not exceed the value of the assets received by the contributing distributee in liquidation. 

Enacted by Chapter 300, 2000 General Session

HOA resources and laws annotated
HOA resources and laws annotated