Other Claims Against Dissolved Limited Cooperative Association

(a)A dissolved limited cooperative association shall publish notice of its dissolution and request persons having claims against the association to present them in accordance with the notice.

(b)A notice authorized under Subsection

(a)of this Section must:

(1)be published at least once in a newspaper of general circulation in Guam or, if the principal office and registered agent are not located in Guam, in the county in which the office of the association’s registered agent is or was last located;

(2)describe the information required to be contained in a claim, state that the claim must be in writing, and provide a mailing address to which the claim is to be sent; and

(3)state that a claim against the association is barred unless an action to enforce the claim is commenced not later than three

(3)years after publication of the notice.

(c)If a dissolved limited cooperative association publishes a notice in accordance with Subsection

(b)of this Section, the claim of each of the following claimants is barred unless the claimant commences an action to enforce the claim against the association not later than three

(3)years after the publication date of the notice:

(1)a claimant that did not receive notice in a record under § 171209;

(2)a claimant whose claim was timely sent to the company but not acted on; and

(3)a claimant whose claim is contingent at, or based on an event occurring after, the effective date of dissolution.

(d)A claim not barred under this section or § 171209 may be enforced:

(1)against a dissolved limited cooperative association, to the extent of its undistributed assets; and

(2)except as provided in § 171211, if the assets of the association have been distributed after dissolution, against a member or holder of financial rights to the extent of that person’s proportionate share of the claim or the assets distributed to the person after dissolution, whichever is less, but a person’s total liability for all claims under this Paragraph may not exceed the total amount of assets distributed to the person after dissolution.