V. Corporations and Other Business Associations

• Library: Guide to Arkansas Statutes of Limitations (2022 Ed.)

A. CORPORATIONS.

1. Business Corporations - Incorporated on or before December 31, 1987, and that have not elected to be governed by the Arkansas Business Corporations Act of 1987.

a. Rights of dissenting shareholders. If, within thirty (30) days after the effective date of a merger or conversion of the corporation or a sale or exchange of all or substantially all of the corporation's assets prior to dissolution, a dissenting shareholder and the corporation do not agree on the value of the dissenting shareholder's shares, the dissenting shareholder has sixty (60) days after the expiration of the thirty-day period to file a petition asking for a finding and determination of fair value of the shares. A.C.A. §§ 4-26-904(f)(2)(A) and 4-26-1011(f)(1)(A).
b. Claims after notice of dissolution. Creditors of a dissolved corporation, after the optional notice by the corporation, have 120 days to present their claims in writing and in detail at a specified place and in a specified manner. A.C.A. §§ 4-26-1105(a)(1).
c. Claims under supervised liquidation. In a court-supervised liquidation, if no notice was given to creditors and claimants by the corporation, creditors and claimants must file their claims with the court within 120 days following the first publication of any court-required notice to creditors and claimants. A.C.A. § 4-26-1106.

2. Business Corporations - Incorporated after December 31, 1987, or pre-existing corporations that have elected to be governed by the 1987 Act.

a. Appeal from Secretary of State's refusal to file document. If the Secretary of State refuses to file a document delivered to his office for filing, a foreign or domestic corporation has thirty (30) days after the return of the document to petition the Pulaski County Circuit Court to compel filing of the document. A.C.A. § 4-27-126.
b. Dissenting shareholder's demand for payment for shares. If a dissenting shareholder is

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