Alabama § 10A-5A-11.02 Enforceability of Obligations and Expenses of Series Against Assets

Alabama Statutes

§ 10A-5A-11.02 — Enforceability of Obligations and Expenses of Series Against Assets

Alabama § 10A-5A-11.02

Title 10AAlabama Business and Nonprofit Entities Code

Ch. 5AAlabama Limited Liability Company Law of 2014

Art. 11Series Provisions

This text of Alabama § 10A-5A-11.02 (Enforceability of Obligations and Expenses of Series Against Assets) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 10A-5A-11.02 (2026).

Text

(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 liability company generally or any other series thereof; and

(2)none of the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to the limited liability company generally or any other series thereof shall be enforceable against the assets of a series.

(b)Subsection (a) applies only if:

(1)the records maintained for that series account for the assets of that series separately from the other assets of the limited liability company or any other series;

(2)th

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(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 liability company generally or any other series thereof; and
(2) none of the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to the limited liability company generally or any other series thereof shall be enforceable against the assets of a series.
(b) Subsection (a) applies only if:
(1) the records maintained for that series account for the assets of that series separately from the other assets of the limited liability company or any other series;
(2) the limited liability company agreement contains a statement to the effect of the limitations provided in subsection (a); and
(3) the limited liability company’s certificate of formation contains a statement that the limited liability company may have one or more series of assets subject to the limitations provided in subsection (a).