N.J.S.A. 14A:12-13 — Barring of claims of creditors

14A:12-13. Barring of claims of creditors (1) Any creditor as defined in subsection 14A:12-12(3) who does not file his claim as provided in the notice given pursuant to section 14A:12-12, and all those claiming through or under him, shall be forever barred from suing on such claim or otherwise realizing upon or enforcing it except, in the case of a creditor who shows good cause for not having previously filed his claim, to such extent as the Superior Court may allow (a) against the corporation to the extent of any undistributed assets; or (b) if the undistributed assets are not sufficient to satisfy such a claim, against a shareholder to the extent of his ratable part of such claim, out of the assets of the corporation distributed to him in liquidation or dissolution. (2) This section shall not apply to claims which are in litigation on the date of the first publication of the notice pursuant to section 14A:12-12. L.1968, c.350; amended by L.1973, c. 366, s. 71, eff. May 1, 1974.

This is the verbatim text of N.J.S.A. 14A:12-13, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.