(a) A dissolved series continues its existence as a series but may not carry on any activities and affairs except as is appropriate to wind up and liquidate its activities and affairs, including:
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Terms Used In Alabama Code 10A-5A-11.10
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
property: includes both real and personal property. See Alabama Code 1-1-1
Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
(1) collecting the assets of the series;(2) disposing of the properties of the series that will not be distributed in kind to persons owning transferable interests;(3) discharging or making provisions for discharging the liabilities of the series;(4) distributing the remaining property of the series in accordance with Section 10A-5A-11.14; and(5) doing every other act necessary to wind up and liquidate the series’ activities and affairs.(b) In winding up a series’ activities and affairs, a series may:
(1) preserve the series’ activities and affairs and property as a going concern for a reasonable time;(2)prosecute, defend, or settle actions or proceedings whether civil, criminal, or administrative;(3) transfer the series’ property; and(4) resolve disputes by mediation or arbitration.(c) The dissolution of a series does not:
(1) transfer title to the series’ property;(2) prevent the commencement of a proceeding by or against the series in the series’ name;(3) terminate, abate, or suspend a proceeding pending by or against the series on the effective date of dissolution; or(4) abate, suspend, or otherwise alter the application of Section 10A-5A-3.01.
