13-02.1-12. Application to series organization.
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/nd/title-13/chapter-13-02-1-uniform-voidable-transactions-act/13-02-1-12·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 subdivision b.
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 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.
(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.