81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84 Page: 32 of 64
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S.B. No. 1442
1 respect to specified property or obligations of the limited
2 liability company or profits and losses associated with specified
3 property or obligations; or
4 (2) has a separate business purpose or investment
6 (b) A series established in accordance with Subsection (a)
7 may carry on any business, purpose, or activity, whether or not for
8 profit, that is not prohibited by Section 2.003.
9 Sec. 101.602. ENFORCEABILITY OP OBLIGATIONS AND EXPENSES OF
10 SERIES AGAINST ASSETS. (a) Notwithstanding any other provision of
11 this chapter or any other law, but subject to Subsection (b) and any
12 other provision of this subchapter:
13 (1) the debts, liabilities, obligations, and expenses
14 incurred, contracted for, or otherwise existing with respect to a
15 particular series shall be enforceable against the assets of that
16 series only, and shall not be enforceable against the assets of the
17 limited liability company generally or any other series; and
18 (2) none of the debts, liabilities, obligations, and
19 expenses incurred, contracted for, or otherwise existing with
20 respect to the limited liability company generally or any other
21 series shall be enforceable against the assets of a particular
23 (b) Subsection (a) applies only if:
24 (1) the records maintained for that particular series
25 account for the assets associated with that series separately from
26 the other assets of the company or any other series;
27 (2) the company agreement contains a statement to the
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Texas. Legislature. Senate. 81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84, legislative document, May 20, 2009; [Austin, Texas]. (texashistory.unt.edu/ark:/67531/metapth310916/m1/32/: accessed August 23, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.