(a) In this section:

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Terms Used In Alabama Code 8-9B-12

  • Debt: means liability on a claim. See Alabama Code 8-9B-2
  • following: means next after. See Alabama Code 1-1-1
  • Organization: means a person other than an individual. See Alabama Code 8-9B-2
  • Person: means an individual, estate, partnership, association, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal or commercial entity. See Alabama Code 8-9B-2
  • Property: means both real and personal property, whether tangible or intangible, and any interest in property whether legal or equitable and includes anything that may be the subject of ownership. See Alabama Code 8-9B-2
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Alabama Code 8-9B-2
(1) “Series” means an arrangement, however denominated, created by a series organization that, pursuant to the law under which the series organization is organized, has the characteristics set forth in paragraph (2).
(2) “Series organization” means an organization that, pursuant to the law under which it is organized, has the following characteristics:

(i) The public organic record of the organization provides for creation by the organization of one or more series, however denominated, with respect to specified property of the organization, and for records to be maintained for each series that identify the property of or associated with the series.
(ii) Debt incurred or existing with respect to the activities of, or property of or associated with, a particular series is enforceable against the property of or associated with the series only, and not against the property of or associated with the organization or associated with any other series of the organization.
(iii) Debt incurred or existing with respect to the activities or property of the organization is enforceable against the property of the organization only, and not against the property of or associated with a series of the organization.
(b) A series organization and each series of the organization is a separate person for purposes of this chapter, even if for other purposes a series is not a person separate from the organization or other series of the organization.
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