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Dissolved corporation may transfer contract rights

Dissolved corporation may transfer contract rights

Dissolved corporation may transfer contract rights

An administratively dissolved nonprofit neighborhood corporation may transfer its rights to collect property assessments from neighborhood land owners to a new corporation 14 years after its dissolution, the Supreme Court of Missouri has held. The issue arose when a property owner refused to pay assessments imposed by a new neighborhood association, which had acquired the rights to collect by an assignment from the original association of the same name. The owner claimed that the new association had no right to seek the funds. The property owner argued, in part, that state law prohibited the Secretary of State from reinstating the old corporation more than 10 years after its dissolution...

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