§ 1007. Notice to creditors by corporations intending to dissolve;

filing or barring claims.

(a) At any time after the plan of dissolution and distribution of
assets shall have been (1) authorized as provided in section 1002 of
this article (Authorization of plan), (2) approved by any governmental
body or officer whose approval is required pursuant to paragraph (c) of
section 1002 of this article, and (3) approved by either by the attorney
general or a justice of the supreme court pursuant to paragraph (d) of
section 1002 of this article, and prior to filing the certificate of
dissolution, the corporation may give a notice requiring all creditors
and claimants, including any with unliquidated or contingent claims and
any with whom the corporation has unfulfilled contracts, to present
their claims in writing and in detail at a specified place and by a
specified day, which shall not be less than six months after the first
publication of such notice. Such notice shall be published at least once
a week for two successive weeks in a newspaper of general circulation in
the county in which the office of the corporation was located at the
date of authorization of its plan of dissolution and distribution of
assets as provided in section 1002 of this article (Authorization of
plan). On or before the date of the first publication of such notice,
the corporation shall mail a copy thereof, postage prepaid, to each
person believed to be a creditor of or claimant against the corporation
whose current name and address are known to or can with due diligence be
ascertained by the corporation. The giving of such notice shall not
constitute a recognition that any person is a proper creditor or
claimant, and shall not revive or make valid, or operate as a
recognition of the validity of, or a waiver of any defense or
counterclaim in respect of any claim against the corporation, its
assets, directors, officers or members, which has been barred by any
statute of limitations or become invalid by any cause, or in respect of
which the corporation, its directors, officers or members, has any
defense or counterclaim.

(b) Any claims which shall have been filed as provided in such notice
and which shall be disputed by the corporation may be submitted for
determination to the supreme court under section 1008 (Jurisdiction of
supreme court to supervise dissolution and liquidation) or pursuant to
article 11 (Judicial dissolution). A claim filed by the trustee or
paying agent for the holders of bonds or coupons shall have the same
effect as if filed by the holder of any such bonds or coupons. Any
person whose claim is, at the date of the first publication of such
notice, barred by any statute of limitations is not a creditor or
claimant entitled to any notice under this section or such section 1008.
The claim of any such person and all other claims which are not timely
filed as provided in such notice except claims which are the subject of
litigation on the date of the first publication of such notice and all
claims which are so filed but are disallowed by the court under such
section 1008, shall be forever barred as against the corporation, its
assets, directors, officers and members, except to such extent, if any,
as the court may allow them against any remaining assets of the
corporation in the case of a creditor who shows satisfactory reason for
failure to file a claim as so provided. If the court requires a further
notice under such section 1008, any reference to a notice in this
section shall, to the extent that the court so orders, mean such further
notice, except that a claim which has been filed in accordance with a
notice under this section need not be refiled under such further notice.

(c) Notwithstanding this section and section 1008 (Jurisdiction of
supreme court to supervise dissolution and liquidation), tax claims and
other claims of this state, of the United States and of the department
of finance of the city of New York shall not be required to be filed
under those sections, and such claims shall not be barred because not so
filed, and distribution of the assets of the corporation, or any part
thereof, may be deferred until determination of any such claims.

(d) Laborer's wages shall be preferred claims and entitled to payment
before any other creditors out of the assets of the corporation in
excess of valid prior liens or encumbrances.