Section 10A-5A-11.14 – Application of Assets in Winding Up Series’ Activities and Affairs.
Section 10A-5A-11.14 Application of assets in winding up series’ activities and affairs. Upon the winding up of a series, the assets of the series shall be applied as follows: (a) Payment, or adequate provision for payment, shall be made to creditors of the series, including, to the extent permitted by law, members who are associated […]
Section 10A-5A-11.15 – Reinstatement After Dissolution of a Series.
Section 10A-5A-11.15 Reinstatement after dissolution of a series. A series that has been dissolved may be reinstated upon compliance with the following conditions: (a) the consent shall have been obtained from the members or other persons associated with the series entitled to consent at the time that is: (1) required for reinstatement of the series […]
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-11.01 – 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 […]