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N.J. Stat. Ann. § 42:2C-52

Claims against member or transferee barred unless filed within five years after limited liability company dissolved

Known as the Uniform Partnership Act

The act spans §§ 42:1A-1 to 42:6-9 (286 sections).

L.2012, c.50, s.52; amended 2021, c.92, s.21.

52. Claims Against Member or Transferee Barred Unless Filed Within Five Years After Limited Liability Company Dissolved.

a. A claimant, and all those claiming through or under the claimant, shall be forever barred from suing a member or transferee on any claim, or otherwise realizing upon or enforcing any claim against a member or transferee, unless an action is commenced against the member or transferee, pursuant to paragraph (2) of subsection d. of section 51 of this act, or otherwise, within five years after the limited liability company was dissolved.

b. This section shall not:

(1) apply to claims against members or transferees which are in litigation on the effective date of this section;

(2) operate to extend any otherwise applicable statute of limitations; or

(3) affect any rights of creditors under the "Uniform Voidable Transactions Act," R.S.25:2-20 et seq.

Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.