Arkansas § 4-37-401 Limitations on liability

Arkansas Statutes

§ 4-37-401 — Limitations on liability

(a)A person is not liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of:

(1)a protected series of a series limited liability company solely by reason of being or acting as:

(A)an associated member, series manager, or protected-series transferee of the protected series; or (B) a member, manager, or a transferee of the company; or (2) a series limited liability company solely by reason of being or acting as an associated member, protected-series manager, or protected-series transferee of a protected series of the company.

(b)Subject to § 4-37-404 , the following rules apply:

(1)A debt, obligation, or other liability of a series limited liability company is solely the debt, obligation, or liability of the company.

(2)A debt,

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(a) A person is not liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of: (1) a protected series of a series limited liability company solely by reason of being or acting as: (A) an associated member, series manager, or protected-series transferee of the protected series; or (B) a member, manager, or a transferee of the company; or (2) a series limited liability company solely by reason of being or acting as an associated member, protected-series manager, or protected-series transferee of a protected series of the company. (b) Subject to § 4-37-404 , the following rules apply: (1) A debt, obligation, or other liability of a series limited liability company is solely the debt, obligation, or liability of the company. (2) A debt, obligation, or other liability of a protected series is solely the debt, obligation, or liability of the protected series. (3) A series limited liability company is not liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of a protected series of the company solely by reason of the protected series being a protected series of the company or the company: (A) being or acting as a protected-series manager of the protected series; (B) having the protected series manage the company; or (C) owning a protected-series transferable interest of the protected series. (4) A protected series of a series limited liability company is not liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of the company or another protected series of the company solely by reason of: (A) being a protected series of the company; (B) being or acting as a manager of the company or a protected-series manager of another protected series of the company; or (C) having the company or another protected series of the company be or act as a protected-series manager of the protected series.

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