(1) A dissolved limited cooperative association may dispose of the known claims against it by following the procedure described in subsection (2) of this section.
(2) A dissolved limited cooperative association may notify its known claimants of the dissolution in a record. The notice shall:
(a) Specify the information required to be included in a claim;
(b) Provide a mailing address to which the claim is to be sent;
(c) State the deadline for receipt of the claim, which may not be less than one hundred twenty days after the date the notice is received by the claimant; and
(d) State that the claim will be barred if not received by the deadline.
(3) A claim against a dissolved limited cooperative association is barred if the requirements of subsection (2) of this section are met and:
(a) The limited cooperative association has not been notified in a record of the claim; or
(b) In the case of a claim that is timely received but rejected by the dissolved limited cooperative association, the claimant does not commence an action to enforce the claim against the limited cooperative association within ninety days after the receipt of the notice of the rejection, if the notice of rejection states that the claim will be barred unless brought against the limited cooperative association within ninety days after receipt of the notice of rejection.
(4) This section does not apply to a claim based on an event occurring after the date of dissolution or a liability that is contingent on that date.