The bill H. 4660 proposes an amendment to Section 33-14-107 of the South Carolina Code of Laws, specifically addressing the enforcement of claims against dissolved corporations. The key change is the reduction of the time frame in which claimants can commence proceedings to enforce their claims from ten years to five years after the publication date of the corporation's notice of dissolution. This amendment aims to streamline the process and provide clarity regarding the time limits for claimants who did not receive written notice of dissolution or whose claims are contingent on events occurring after the dissolution.

The bill outlines that if a dissolved corporation publishes a notice in accordance with existing law, claims from certain categories of claimants will be barred unless legal action is initiated within the newly established five-year period. This includes claimants who did not receive written notice, those whose claims were submitted but not acted upon, and those with contingent claims. The bill is currently residing in the House Committee on Judiciary and will take effect upon approval by the Governor.

Statutes affected:
12/17/2025: 33-14-107
Latest Version: 33-14-107