21-504. Powers and duration of protected series.
151 words·~1 min read·
/ne/chapter-21/21-504A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)A protected series of a series limited liability company has the capacity to sue and be sued in its own name.
(b)Except as otherwise provided in subsections
(c)and
(d)of this section, a protected series of a series limited liability company has the same powers and purposes as the company.
(c)A protected series of a series limited liability company ceases to exist not later than when the company completes its winding up.
(d)A protected series of a series limited liability company may not:
(1)be a member of the company;
(2)establish a protected series;
(3)render a professional service; or
(4)except as permitted by law of this state other than the Nebraska Uniform Protected Series Act, have a purpose or power that the law of this state other than the Nebraska Uniform Protected Series Act prohibits a limited liability company from doing or having.