NY Not for Profit Corp L § 1007 (2021)
2021 New York Laws NPC - Not-For-Profit Corporation Article 10 - Non-Judicial Dissolution 1007 - Notice to Creditors by Corporations Intending to Dissolve; Filing or Barring Claims.

§ 1007. Notice  to  creditors  by  corporations  intending  to dissolve;           filing or barring claims.  (a) At any time after the plan  of  dissolution  and  distribution  of assets  shall  have  been  (1) authorized as provided in section 1002 of this article (Authorization of plan), (2) approved by  any  governmental body  or officer whose approval is required pursuant to paragraph (c) of section 1002 of this article, and (3) approved by either by the attorney general or a justice of the supreme court pursuant to paragraph  (d)  of section  1002  of  this  article, and prior to filing the certificate of dissolution, the corporation may give a notice requiring  all  creditors and  claimants, including any with unliquidated or contingent claims and any with whom the corporation  has  unfulfilled  contracts,  to  present their  claims  in  writing  and  in detail at a specified place and by a specified day, which shall not be less than six months after  the  first publication of such notice. Such notice shall be published at least once a week for two successive weeks in a newspaper of general circulation in the  county  in  which  the office of the corporation was located at the date of authorization of its plan of  dissolution  and  distribution  of assets  as  provided  in  section 1002 of this article (Authorization of plan). On or before the date of the first publication  of  such  notice, the  corporation  shall  mail  a  copy thereof, postage prepaid, to each person believed to be a creditor of or claimant against the  corporation whose current name and address are known to or can with due diligence be ascertained  by  the  corporation.  The  giving of such notice shall not constitute a recognition  that  any  person  is  a  proper  creditor  or claimant,  and  shall  not  revive  or  make  valid,  or  operate  as  a recognition  of  the  validity  of,  or  a  waiver  of  any  defense  or counterclaim  in  respect  of  any  claim  against  the corporation, its assets, directors, officers or members, which has  been  barred  by  any statute  of limitations or become invalid by any cause, or in respect of which the corporation, its  directors,  officers  or  members,  has  any defense or counterclaim.  (b)  Any claims which shall have been filed as provided in such notice and which shall be disputed by the  corporation  may  be  submitted  for determination  to  the supreme court under section 1008 (Jurisdiction of supreme court to supervise dissolution and liquidation) or  pursuant  to article  11  (Judicial  dissolution).  A  claim  filed by the trustee or paying agent for the holders of bonds or coupons  shall  have  the  same effect  as  if  filed  by  the  holder of any such bonds or coupons. Any person whose claim is, at the date of  the  first  publication  of  such notice,  barred  by  any  statute  of  limitations  is not a creditor or claimant entitled to any notice under this section or such section 1008. The claim of any such person and all other claims which are  not  timely filed  as provided in such notice except claims which are the subject of litigation on the date of the first publication of such notice  and  all claims  which  are  so  filed but are disallowed by the court under such section 1008, shall be forever barred as against  the  corporation,  its assets,  directors, officers and members, except to such extent, if any, as the court  may  allow  them  against  any  remaining  assets  of  the corporation  in the case of a creditor who shows satisfactory reason for failure to file a claim as so provided. If the court requires a  further notice  under  such  section  1008,  any  reference  to a notice in this section shall, to the extent that the court so orders, mean such further notice, except that a claim which has been filed in  accordance  with  a notice under this section need not be refiled under such further notice.  (c)  Notwithstanding  this  section  and section 1008 (Jurisdiction of supreme court to supervise dissolution and liquidation), tax claims  and other  claims  of this state, of the United States and of the department  of finance of the city of New York shall not be  required  to  be  filed under those sections, and such claims shall not be barred because not so filed,  and  distribution  of the assets of the corporation, or any part thereof, may be deferred until determination of any such claims.  (d)  Laborer's wages shall be preferred claims and entitled to payment before any other creditors out of  the  assets  of  the  corporation  in excess of valid prior liens or encumbrances.