Written by: Laurie R. Hager, Sussman Shank LLP
Republished from Sussman Shank’s newsletter.
This article is based on a scenario that I encounter as a litigator all too often. “You,” for purposes of this article, have entered into a long-term contract with Company, Inc., an Oregon corporation. The contract may be a credit agreement, a supply agreement, a commercial lease agreement, or another agreement under which Company, Inc. has various ongoing obligations.
At some point during the term of the contract, the Oregon Secretary of State administratively dissolves Company, Inc. for failure to renew when required, or Company, Inc. dissolves itself.
Immediately on the dissolution, Company, Inc. is legally authorized to wind up its affairs and liquidate its assets.… Read the rest