Illinois General Assembly - Illinois Compiled Statutes

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805 ILCS 5/12.80

(805 ILCS 5/12.80) (from Ch. 32, par. 12.80)

Sec. 12.80. Survival of remedy after dissolution.

The dissolution
of a corporation either (1) by filing articles of dissolution in accordance
with Section 12.20 of this Act, (2) by the issuance of a
certificate of dissolution in accordance with Section 12.40 of this Act, (3) by
a judgment
of dissolution by a circuit court of this State, or (4) by
expiration of
its period of duration, shall not take away nor impair any civil remedy
available to or against such corporation, its directors, or shareholders,
for any right or claim existing, or any liability accrued or incurred, either prior to, at the time of, or after such
dissolution if action or other proceeding thereon is commenced within five
years after the date of such dissolution.  Any such action or proceeding by
or against the corporation may be prosecuted or defended by the corporation
in its corporate name. This provision does not extend any applicable statute of limitations.

(Source: P.A. 98-776, eff. 1-1-15.)