A. As used in this section:
(1) “protected series” means an arrangement, however denominated, created by a series organization that, pursuant to the law under which the series organization is organized, has the characteristics set forth in Paragraph (2) of this subsection; and
(2) “series organization” means an organization that, pursuant to the law under which it is organized, has the following characteristics:
(a) the organic record of the organization provides for creation by the organization of one or more protected series, however denominated, with respect to specified property of the organization, and for records to be maintained for each protected series that identify the property of or associated with the protected series;
(b) debt incurred or existing with respect to the activities of, or property of or associated with, a particular protected series is enforceable against the property of or associated with the protected series only, and not against the property of or associated with the organization or other protected series of the organization; and
(c) debt incurred or existing with respect to the activities or property of the organization is enforceable against the property of the organization only, and not against the property of or associated with a protected series of the organization.
B. A series organization and each protected series of the organization is a separate person for purposes of the Uniform Voidable Transactions Act, even if for other purposes a protected series is not a person separate from the organization or other protected series of the organization.
C. The provisions of the Uniform Voidable Transactions Act do not authorize or prohibit the creation of a protected series or series organization.
History: 1978 Comp., § 56-10-25, enacted by Laws 2015, ch. 54, § 22.
ANNOTATIONS
Recompilations. — Laws 2015, ch. 54, § 21 recompiled and amended former 56-10-25 NMSA 1978, relating to uniformity of application and construction, as 56-10-27 NMSA 1978, effective January 1, 2016. Laws 2015, ch. 54, § 22 enacted a new 56-10-25 NMSA 1978, effective January 1, 2016.
Effective dates. — Laws 2015, ch. 54, § 25 made Laws 2015, ch. 54, § 22 effective January 1, 2016.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 37 Am. Jur. 2d Fraudulent Conveyances § 4.
Maxim “he who comes into equity must come with clean hands,” as basis for refusal of relief to party to fraudulent transfer, 4 A.L.R. 99.
Pari delicto, fact that the parties to a conveyance in fraud of creditors are not in, as affecting the right of the party guilty of fraud to relief, 7 A.L.R. 150.
Complainants’ purpose to defraud creditors as defense to suit to recover property paid for by him but conveyed to defendant, 117 A.L.R. 1464.
37 C.J.S. Fraudulent Conveyances § 371.