§ 17-30-602 — Interests; units and shares

(a) Repealed by Laws 2021, ch. 98, § 2.
(b) Repealed by Laws 2021, ch. 98, § 2.
(c) No creditor of a beneficiary shall have any right to
obtain possession of, or otherwise exercise legal or equitable
remedies with respect to, the property of the statutory
foundation.
(d) Repealed by Laws 2021, ch. 98, § 2.
(e) Except to the extent otherwise provided in the
operating agreement, the transferee of the beneficial interest
of a beneficiary in the statutory foundation shall have all the
rights and duties of a beneficiary of the statutory foundation,
except those provided in subsection (f) of this section.
(f) Except to the extent otherwise provided in the
operating agreement, if a beneficiary of a statutory foundation
becomes entitled to receive a distribution, the beneficiary has
the status of, and is entitled to all remedies available to, a
creditor of the statutory foundation with respect to the
distribution. The operating agreement may provide for the
establishment of record dates with respect to distributions by a
statutory foundation.
(g) The operating agreement may authorize the statutory
foundation to issue units or shares having the same or separate
rights, powers or duties with respect to specified property,
payments or other interests of the statutory foundation. The
operating agreement may provide the terms or conditions of units
or shares issued by the statutory foundation.
(h) A person may receive units or shares issued pursuant
to subsection (g) of this section without:
(i) Being or becoming a beneficiary or contributor of
the statutory foundation;
(ii) Acquiring any rights or duties of a beneficiary
of the statutory foundation; or
(iii) Making or being obligated to make a
contribution to the statutory foundation.
(j) No creditor of a holder of units or shares issued by a
statutory foundation shall have any right to obtain possession
of, or otherwise exercise legal or equitable remedies with
respect to, the property of the statutory foundation.