; S.B. No. 1442
1 I(c) For purposes of Subsection (b), the liabilities of a
2 series do not include:
3 (1) a liability related to the member's membership
4 interest; or
5 (2) except as provided by Subsection (e), a liability
6 of the series for which the recourse of creditors is limited to
7 specified property of the series.
8 (d) For purposes of Subsection (b), the assets associated
9 with a series include the fair value of property of the series
10 subject to a liability for which recourse of creditors is limited to
11 specified property of the series only if the fair value of that
12 property exceeds the liability.
13 (e) A member who receives a distribution from a series in
14 violation of this section is not required to return the
15 distribution to the series unless the member had knowledge of the
17 (f) This section may not be construed to affect the
18 obligation of a member to return a distribution to the series under
19 the company agreement or other state or federal law.
20 (q) Section 101.206 does not apply to a distribution with
21 respect to a series.
22 (h) For purposes of this sectionr "distribution" does not
23 include an amount constituting reasonable compensation for present
24 or past services or a reasonable payment made in the ordinary course
25 of business under a bona fide retirement plan or other benefits
27 Sec. 101.614. AUTHORITY TO WIND UP AND TERMINATE SERIES.
Texas. Legislature. Senate. 81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84. [Austin, Texas]. The Portal to Texas History. http://texashistory.unt.edu/ark:/67531/metapth310916/. Accessed July 1, 2015.