Indiana Code 23-18.1-7-3. Liability limited
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Sec. 3. Unless otherwise provided in the operating agreement and to the extent provided under the laws of the jurisdiction of organization of the foreign master limited liability company, the debts, liabilities, and obligations incurred, contracted for, or otherwise existing with respect to:
(2) a foreign master limited liability company generally, are not enforceable against the assets of a particular series of the foreign master limited liability company; or
(1) a particular series of a foreign master limited liability company, are enforceable against the assets of the series only, and not against the assets of the foreign master limited liability company generally or any other series of the foreign master limited liability company;
Terms Used In Indiana Code 23-18.1-7-3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(3) any series of the foreign master limited liability company, are not enforceable against the assets of any other series of the foreign master limited liability company.
As added by P.L.170-2016, SEC.19.