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Ark. Code Ann. § 4-37-401

Limitations on liability

Known as the Uniform Protected Series Act

The act spans §§ 4–4 (43 sections).

Acts 2019, No. 665, § 1.

(1) A person is not liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of: a protected series of a series limited liability company solely by reason of being or acting as: an associated member, series manager, or protected-series transferee of the protected series; or

(2) a member, manager, or a transferee of the company; or

(3) a series limited liability company solely by reason of being or acting as an associated member, protected-series manager, or protected-series transferee of a protected series of the company.

(4) Subject to § 4-37-404, the following rules apply: A debt, obligation, or other liability of a series limited liability company is solely the debt, obligation, or liability of the company.

(5) A debt, obligation, or other liability of a protected series is solely the debt, obligation, or liability of the protected series.

(6) A series limited liability company is not liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of a protected series of the company solely by reason of the protected series being a protected series of the company or the company: being or acting as a protected-series manager of the protected series;

(7) having the protected series manage the company; or

(8) owning a protected-series transferable interest of the protected series.

(9) A protected series of a series limited liability company is not liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of the company or another protected series of the company solely by reason of: being a protected series of the company;

(10) being or acting as a manager of the company or a protected-series manager of another protected series of the company; or

(11) having the company or another protected series of the company be or act as a protected-series manager of the protected series.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.