My wife and I were sole stock holders of a small business from the early 70's until we retired and closed the corporation. During that period we bought electricity for our facilities from an electric cooperative. All customers of the cooperative were also members and had a capital credits account. Our corporation had several thousand dollars in unpaid capital credits when we closed the business. The capital credits are paid out each year as approved by the board. We recently received a check for this year's capital credit payment made out to the corporation. Neither my bank or the bank on which the check is drawn will cash the check which I endorsed as president. How can I cash this and future checks?
Contact the electric cooperative and explain that your corporation has been dissolved. Ask if there is a means by which you can have the corporation's rights to those dividends assigned to you and your wife as successors in interest. You may need to get an attorney to help you draft whatever documents will be needed. Once you've completed that task, take the current check to the cooperative and ask that it be re-issued.
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Contact the electric cooperative and explain that your corporation has been dissolved. Ask if there is a means by which you can have the corporation's rights to those dividends assigned to you and your wife as successors in interest. You may need to get an attorney to help you draft whatever documents will be needed. Once you've completed that task, take the current check to the cooperative and ask that it be re-issued.
