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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 6. Alaska Corporations Code
- Section 653. Claims Against Corporation; Court and Non-Court Directed Winding Up; Presentation; Notice; Payment; Secured Claims; Rejected Claims.
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. Jurisdiction of Court.
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. Order Declaring Corporation Wound Up and Dissolved; Declarations; Effect; Additional Orders; Discharge of Directors.
AS 10.06.653. Claims Against Corporation; Court and Non-Court Directed Winding Up; Presentation; Notice; Payment; Secured Claims; Rejected Claims.
- (a) In a court-directed winding up of a corporation under AS 10.06.618, 10.06.628, 10.06.635, and 10.06.645, creditors and claimants may be barred from
participation in a distribution of the general assets of the corporation if they fail to make and present claims and
proofs within the time the court may order. The time in which to present claims may not be less than four nor more than
six months after the first publication of notice to creditors unless it appears by affidavit that there are no claims,
in which case the time may not be less than three months. If it is shown that a claimant did not receive notice because
of absence from the state or other cause, the court may allow a claim to be filed or presented at any time before
distribution is completed.
- (b) Notice to creditors in a court-directed winding up shall be published not less than once a week for three consecutive
weeks in a newspaper of general circulation, published in the judicial district in which the proceeding is pending or,
if a newspaper is not published in that judicial district, in a newspaper designated by the court. The notice shall
direct creditors and claimants to make claims and proofs to the person, at the place, and within the time specified in
the notice. A copy of the notice shall be mailed to the last known address of each person shown as a creditor or
claimant on the books of the corporation.
- (c) A holder of a secured claim in a court-directed winding up may prove for the whole debt in order to secure payment of
a deficiency. If a holder fails to present a claim, the holder is barred only as to any right against the general
assets for a deficiency in the amount realized on the holder's security.
- (d) Before a distribution in a court-directed winding up is made, the amount of an unmatured, contingent, or disputed
claim against the corporation that has been presented and has not been disallowed, or the part of a claim to which the
holder would be entitled if the claim were due, established, or absolute, shall, if presently reduced to cash, be paid
to the commissioner of revenue. The amount shall be paid to the party entitled to the amount when the party becomes
entitled or, if the party fails to establish a claim, the amount shall be distributed with the other assets of the
corporation; the court may make other provision for payment of a claim, as it considers adequate. A creditor who has a
claim that has been allowed but is not yet due is entitled to the present value of the claim upon distribution.
- (e) Assets of the corporation subject to claims under this section and not reduced to cash shall be held pending
distribution as creditors and claimants agree or as the court directs.
- (f) If the ownership of shares of stock is in dispute, if the existence of a claim of a creditor or shareholder is
contingent or contested, or if the amount of a claim of a creditor or shareholder is contingent, contested, or not
determined, the maximum amount of the claims shall be reduced to cash and deposited with the commissioner of revenue.
Amounts deposited with the commissioner of revenue under this subsection shall be paid to the creditor, shareholder, or
the legal representative of the shareholder or creditor as the disputing parties may agree or a court may direct.
- (g) Suits against the corporation on claims that have been rejected under (d) or (f) of this section shall be commenced
within 30 days after written notice of rejection is given to the claimant.
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