(a) The exclusive right to the use of an entity name or, as applicable, the name of a series of a limited liability company, may be reserved by:

(1) Any person intending to organize a covered entity under the laws of this state;

(2) any domestic limited liability company or any person intending to organize a domestic limited liability company, intending to file a certificate of designation to form a series of any such limited liability company;

(3) any domestic covered entity intending to change its name or intending to change the name of a series for which a certificate of designation has been filed;

(4) any foreign covered entity intending to make application for a certificate of authority to transact business in this state;

(5) any foreign covered entity authorized to transact business in this state, and intending to change its name; and

(6) any person intending to organize a foreign covered entity, and intending to have such entity make application for a certificate of authority to transact business in this state.

(b) The reservation shall be made by filing with the secretary of state an application to reserve a specific covered entity name or the name of a series of a domestic limited liability company, executed by the applicant. The reservation may be filed by telefacsimile communication as prescribed by Kan. Stat. Ann. § 17-7914, and amendments thereto. If the secretary of state finds that the name is available, the secretary of state shall reserve the same for the exclusive use of the applicant for a period of 120 days.

(c) The right to exclusive use of a specified entity name or the name of a series of a domestic limited liability company, reserved pursuant to this section, may be transferred to any other person or covered entity by filing in the office of the secretary of state, a notice of such transfer, executed by the applicant for whom the name was reserved, and specifying the name and address of the transferee.