NY Bus Corp L § 1007 (2021)
2021 New York Laws BSC - Business Corporation Article 10 - Non-Judicial Dissolution 1007 - Notice to Creditors; Filing or Barring Claims.

§ 1007. Notice to creditors; filing or barring claims.  (a) At  any  time after 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 dissolution.  On  or  before  the date of the first publication of such notice, the corporation shall mail a copy thereof, postage prepaid and addressed to his last known address, to  each  person  believed  to  be a creditor of or claimant against the corporation whose 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 shareholders, 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 shareholders, 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). 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  bond  or coupon.  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 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 section 1008, shall be forever barred as against the  corporation,  its  assets, directors,  officers and shareholders, 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 his  failure to file his claim as so provided. If the court requires a further notice under  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, 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.