§ 32-18-2-19.5 — Series organizations; protected series; considered separate persons

Indiana § 32-18-2-19.5

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 18: INTERESTS OF CREDITORS IN PROPERTY
• Ch. 2: Uniform Fraudulent Transfer Act

Text

5. (a) The following definitions apply
throughout this section:
(1) "Protected series" means an arrangement, however
denominated, created by a series organization that, under the law
under which the series organization is organized, has the
characteristics set forth in subdivision (2).
(2) "Series organization" means an organization that, under 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 (1) 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.
(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 this chapter, even if
for other purposes a protected series is not a person separate from the
organization or other protected series of the organization.

Legislative History

As added by P.L.61-2017, SEC.19.