§1-402. Reserved name

            A. A person may reserve the exclusive use of a corporate name in its filings with the secretary of state, including a fictitious name for a foreign corporation whose corporate name is not available, by delivering an application to the secretary of state for filing. The application must set forth the name and address of the applicant and the name proposed to be reserved. If the secretary of state finds that the corporate name applied for is available, the secretary of state shall reserve the name for the applicant's exclusive use for a nonrenewable period of one hundred and twenty days.

            B. The owner of a reserved corporate name may transfer the reservation to another person by delivering to the secretary of state a signed notice of the transfer that states the name and address of the transferee.

            C. A terminated corporation's name is reserved by operation of law for five years after the effective date of the corporation's termination.

            D. The owner of the corporate name reservation may terminate the reservation by delivering to the secretary of state a signed notice of termination.

            Acts 2014, No. 328, §1, eff. Jan. 1, 2015; Acts 2017, No. 57, §1; Acts 2022, No. 193, §2.