47-34A-807. Known claims against dissolved limited liability company.(a) A dissolved limited liability company may dispose of the known claims against it by following the procedure described in this section.(b) A dissolved limited liability company shall notify its known claimants in writing of the dissolution. The notice must:(1)Specify the information required to be included in a claim;(2)Provide a mailing address where the claim is to be sent;(3)State the deadline for receipt of the claim, which may not be less than one hundred twenty days after the date the written notice is received by the claimant; and(4)State that the claim will be barred if not received by the deadline.(c) A claim against a dissolved limited liability company is barred if the requirements of subsection (b) are met, and:(1)The claim is not received by the specified deadline; or(2)In the case of a claim that is timely received but rejected by the dissolved company, the claimant does not commence a proceeding to enforce the claim within ninety days after the receipt of the notice of the rejection.(d) For purposes of this section, claim does not include a contingent liability or a claim based on an event g to enforce the claim within ninety days after the receipt of the notice of the rejection.(d) For purposes of this section, claim does not include a contingent liability or a claim based on an event occurring after the effective date of dissolution. Source: SL 1998, ch 272, §807.
South Dakota Legal Code