New Mexico § 56-10-25 Application to series organization

New Mexico Statutes

§ 56-10-25 — Application to series organization

New Mexico § 56-10-25

Ch. 56Commercial Instruments and Transactions

Art. 10Uniform Voidable Transactions

This text of New Mexico § 56-10-25 (Application to series organization) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 56-10-25 (2026).

Text

A. As used in this section:

(1)"protected series" means an arrangement, however denominated, created by a series organization that, pursuant to the law under which the series organization is organized, has the characteristics set forth in Paragraph (2) of this subsection; and (2) "series organization" means an organization that, pursuant to 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 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 activitie

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A. As used in this section: (1) "protected series" means an arrangement, however denominated, created by a series organization that, pursuant to the law under which the series organization is organized, has the characteristics set forth in Paragraph (2) of this subsection; and (2) "series organization" means an organization that, pursuant to 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 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; and (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 the Uniform Voidable Transactions Act, even if for other purposes a protected series is not a person separate from the organization or other protected series of the organization. C. The provisions of the Uniform Voidable Transactions Act do not authorize or prohibit the creation of a protected series or series organization.