§ 21-517 — Protected-series transferable interest

(a) A protected-series transferable interest of a protected series of a series limited liability company must be owned initially by an associated member of the protected series or the company.
(b) If a protected series of a series limited liability company has no associated members when established, the company owns the protected-series transferable interests in the protected series.
(c) In addition to acquiring a protected-series transferable interest under subsection (b) of this section, a series limited liability company may acquire a protected-series transferable interest through a transfer from another person or as provided in the operating agreement.
(d) Except for subdivision (a)(3) of section 21-508 , a provision of the Nebraska Uniform Protected Series Act which applies to a protected-series transferee of a protected series of a series limited liability company applies to the company in its capacity as an owner of a protected-series transferable interest of the protected series. A provision of the operating agreement of a series limited liability company which applies to a protected-series transferee of a protected series of the company applies to the company in its capacity as an owner of a protected-series transferable interest of the protected series.

Legislative History

Source: Laws 2018, LB1121, § 18; Laws 2019, LB78, § 8.