When a corporation dissolves, who has rights to any deeds of trust in the corporation’s name?
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When a corporation dissolves, who has rights to any deeds of trust in the corporation’s name?
Asked on July 21, 2015 under Business Law, Washington
Answers:
B.H.F., Member, Texas State Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
The articles of incorporation usually have some plan for dissolution of the corporation. If the corporate documents are not clear as to what happens on dissolution, then the owners of the corporation would still own the deeds of trust in proportion to their share of ownership in the company. As the company dissolves, the owners should make provisions as to who will accept responsibility for what assets- otherwise, taxing authorities will go after every potential owner listed.
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