Thursday, September 4, 2014
As I have previously discussed, the Uniform Voidable Transactions Act (UVTA) was adopted July 16, 2014 by the Uniform Law Commission (ULC). One of the new additions to the Act is Section 11, which clarifies that under the Act, separate series of a Series LLC are considered to be a separate person, and thus different series’ assets are not vulnerable to creditors of other series of the same organization. The decision of whether to include Section 11 in the Act received serious debate on the floor of the ULC assembly, but passed unanimously.
See Jay Adkisson, The Uniform Voidable Transactions Act – New Section 11 and Series LLCs, Forbes, Aug. 31, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.