48-3a-1202. Notice of limitation on liability of a series.
(1)
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Terms Used In Utah Code 48-3a-1202
Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
Division: means the Division of Corporations and Commercial Code. See Utah Code 48-3a-102
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Series: means a series created in accordance with 12. See Utah Code 48-3a-102
(a)
Notice in a limited liability company’s certificate of organization of the limitation on liabilities of a series as referenced in Subsection 48-3a-1201(2)(e) is sufficient for all purposes of this part whether or not the limited liability company has established a series at the time the notice is included in the certificate of organization.
(b)
For a certificate of organization or an amendment to a certificate of organization made to include notice of series that is filed on or after May 12, 2015, notice in a company’s certificate of organization is sufficient for purposes of Subsection (1) only if the notice of series appears immediately following the provision stating the name of the company.
(2)
The notice of a limitation on liability of a series as referenced in Subsection 48-3a-1201(2)(e) is not required to reference a specific series.
(3)
The filing by the division of the certificate of organization containing a notice of the limitation on liabilities of a series constitutes notice of the limitation on liabilities of the series.
