NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
450.2843 Rejection of claim filed by creditor; notice; failure to commence action as bar to enforcement of claim.
If the corporation, or the receiver of a corporation appointed pursuant to this chapter, rejects in whole or in part a claim filed by a creditor, the corporation or the receiver shall mail notice of the rejection to the creditor. The notice shall state that if the creditor does not commence an action on the claim within 60 days after the notice was mailed to the creditor, the creditor and all persons claiming through or under the creditor, except as otherwise provided in this chapter, are forever barred from suing on the claim or otherwise realizing upon or enforcing it. Failure to commence such an action is a bar to enforcement of the claim.
History: 1982, Act 162, Eff. Jan. 1, 1983
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