(a) Subject to subsection (b):

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Terms Used In Alabama Code 10A-5A-11.02

  • 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.
(1) the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to a series shall be enforceable against the assets of that series only, and shall not be enforceable against the assets of the limited liability company generally or any other series thereof; and
(2) none of the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to the limited liability company generally or any other series thereof shall be enforceable against the assets of a series.
(b) Subsection (a) applies only if:

(1) the records maintained for that series account for the assets of that series separately from the other assets of the limited liability company or any other series;
(2) the limited liability company agreement contains a statement to the effect of the limitations provided in subsection (a); and
(3) the limited liability company’s certificate of formation contains a statement that the limited liability company may have one or more series of assets subject to the limitations provided in subsection (a).
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