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378A.110 Application to series organization.
(1)
(2)
In this section:
(a) "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 (b) of this subsection; and
(b) "Series organization" means an organization that, pursuant to the law
under which it is organized, has the following characteristics:
1.
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;
2.
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
3.
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.
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.
Effective:January 1, 2016
History: Created 2015 Ky. Acts ch. 37, sec. 11, effective January 1, 2016.
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