§ 23-18.1-5-1 — Liability limited; conditions

Indiana § 23-18.1-5-1

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 18.1: SERIES LIMITED LIABILITY COMPANIES
• Ch. 5: Limits on Liability

Text

(a) Notwithstanding any other law, the debts,
liabilities, and obligations incurred, contracted for, or otherwise
existing with respect to a particular series are enforceable against the
assets of the series only, and not against the assets of the master limited
liability company generally or any other series of the master limited
liability company if all the following apply:
(1) The operating agreement so provides.
(2) The operating agreement of the master limited liability
company establishes or provides for the establishment of one (1)
or more series.
(3) The records maintained for the series account for the assets
associated with the series separately from the other assets of the
master limited liability company and any other series of the
master limited liability company.
(4) Notice of the limitation on liabilities of a series as referenced
in this subsection is set forth in the articles of organization of the
master limited liability company.
(5) The master limited liability company has filed articles of
designation for each series that is to have limited liability under
this section.
(b) Unless otherwise specifically provided in the operating
agreement, the debts, liabilities, obligations, and expenses incurred,
contracted for, or otherwise existing with respect to:
(1) the master limited liability company generally are not
enforceable against the assets of a particular series; or
(2) any series of the master limited liability company are not
enforceable against the assets of any other series of the master
limited liability company.

Legislative History

As added by P.L.170-2016, SEC.19.