Section 10A-5A-11.16 – Effect of Reinstatement.
Section 10A-5A-11.16 Effect of reinstatement. (a) Subject to subsection (b), upon reinstatement, a series shall be deemed for all purposes to have continued its activities and affairs as if dissolution had never occurred; each right inuring to, and each debt, obligation, and liability incurred by, the series after the dissolution shall be determined as if […]
Section 10A-5A-11.03 – Assets of Series.
Section 10A-5A-11.03 Assets of series. (a) Assets of a series may be held directly or indirectly, including being held in the name of the series or in the name of the limited liability company. (b) If the records of a series are maintained in a manner so that the assets of the series can be […]
Section 10A-5A-11.04 – Statement of Limitation on Liabilities of Series.
Section 10A-5A-11.04 Statement of limitation on liabilities of series. The statement of limitation on liabilities of a series required by Section 10A-5A-11.02(b)(3) is sufficient regardless of whether: (a) the limited liability company has established any series under this chapter when the statement of limitations is contained in the certificate of formation; and (b) the statement […]
Section 10A-5A-11.05 – Member’s Power to Dissociate as a Member Associated With a Series; Wrongful Dissociation.
Section 10A-5A-11.05 Member’s power to dissociate as a member associated with a series; wrongful dissociation. (a) A person has the power to dissociate as a member associated with a series. (b) A person’s dissociation from a series is wrongful only if: (1) it is in breach of an express provision of the limited liability company […]
Section 10A-5A-11.01 – Series of Assets.
Section 10A-5A-11.01 Series of assets. (a) If a limited liability company complies with Section 10A-5A-11.02, a limited liability company agreement may establish or provide for the establishment of one or more designated series of assets that: (1) has separate rights, powers, or duties with respect to specified property or obligations of the limited liability company […]
Section 10A-5A-11.02 – Enforceability of Obligations and Expenses of Series Against Assets.
Section 10A-5A-11.02 Enforceability of obligations and expenses of series against assets. (a) Subject to subsection (b): (1) the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to a series shall be enforceable against the assets of that series only, and shall not be enforceable against the assets of the limited […]