§ 5111. Application to series organization
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 12 Pa.C.S.A. Commerce and TradeEffective: February 20, 2018
Effective: February 20, 2018
12 Pa.C.S.A. § 5111
§ 5111. Application to series organization
“Protected series.” An arrangement, however denominated, created by a series organization that, pursuant to the law under which the series organization is organized, has the characteristics specified for a series organization.
“Series organization.” An organization that, pursuant to the law under which the organization is organized, has the following characteristics:
(1) The organic record of the organization provides for creation by the organization of one or more protected series, however denominated, with respect to specified property of the organization, and for records to be maintained for each protected series that identifies the property of or associated with the protected series.
(2) Debt incurred or existing with respect to the activities of, or property of or associated with, a particular protected series is enforceable against the property of or associated with the protected series only, and not against the property of or associated with the organization or other protected series of the organization.
Credits
2017, Dec. 22, P.L. 1249, No. 78, § 3, effective in 60 days [Feb. 20, 2018].
12 Pa.C.S.A. § 5111, PA ST 12 Pa.C.S.A. § 5111
Current through the end of the 2023 Regular Session. Some statute sections may be more current, see credits for details.
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