378A.110 Application to series organization.

247 words·~1 min read·/ky/chapter-378a/378a-110

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)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.

(2)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.