Bill > H4660

This bill amends Section 33-14-107 of the South Carolina Code of Laws to modify the timeframe for filing claims against dissolved corporations. Currently, claimants have ten years to commence proceedings after a dissolution notice is published, but the bill reduces this period to five years. The change applies to three specific types of claims: (1) claims from individuals who did not receive written notice of dissolution, (2) claims that were sent to the dissolved corporation but not acted upon, and (3) claims that are contingent or based on events occurring after the dissolution. This modification effectively shortens the statute of limitations for creditors and other parties seeking to enforce claims against corporations that have been dissolved, providing more legal certainty and closure for dissolved business entities. The bill will take effect upon approval by the Governor of South Carolina.

Justice

https://www.scstatehouse.gov/billsearch.php?billnumbers=4660&session=126&summary=B