Section 48-24-109 - Discharge or reasonable provision to be made for payment of claims - Liability of directors

(a) Directors shall cause a dissolved corporation to discharge or make reasonable provision for the payment of claims and make distributions of assets to shareholders after payment or provision for claims.(b) Directors of a dissolved corporation that has disposed of claims under § 48-24-106 or § 48-24-107 shall not be liable for breach of subsection (a) with respect to claims against the dissolved corporation that are barred or satisfied under § 48-24-106 or § 48-24-107.Added by 2015 Tenn. Acts, ch. 60,s 5, eff. 4/6/2015.