Court Proceedings

(a)A dissolved limited cooperative association that has published a notice under § 171210 shall file an application with the Superior Court of Guam or, if the principal office or the registered agent are not CH. 17 THE GUAM UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT located in Guam, where the office of its registered agent is or was last located, for a determination of the amount and form of security to be provided for payment of claims that are reasonably expected to arise after the date of dissolution based on facts known to the association and:

(1)at the time of the application:

(A)are contingent; or

(B)have not been made known to the association; or

(2)are based on an event occurring after the date of dissolution.

(b)Security is not required for a claim that is or is reasonably anticipated to be barred under § 171210.

(c)No later than ten

(10)calendar days after filing an application under Subsection

(a)of this Section, the dissolved limited cooperative association shall give notice of the proceeding to each claimant holding a contingent claim known to the association.

(d)In a proceeding under this Section, the court may appoint a guardian ad litem to represent all claimants whose identities are unknown. The reasonable fees and expenses of the guardian, including all reasonable expert witness fees, must be paid by the dissolved limited cooperative association.

(e)A dissolved limited cooperative association that provides security in the amount and form ordered by the court under Subsection

(a)of this Section satisfies the association’s obligations with respect to claims that are contingent, have not been made known to the association, or are based on an event occurring after the effective date of dissolution. Such claims may not be enforced against a member or holder of financial rights on account of assets received in liquidation.