N.Y. Business Corporation Law § 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.