This section defines terms used in the Nebraska Uniform Protected Series Act, including asset, protected series, foreign protected series, and related ownership and management terms.
In the Nebraska Uniform Protected Series Act: (1) Asset means property: (A) in which a series limited liability company or protected series has rights; or (B) as to which the company or protected series has the power to transfer rights. (2) Associated asset means an asset that meets the requirements of section 21-515. (3) Associated member means a member that meets the requirements of section 21-516. (4) Foreign protected series means an arrangement, configuration, or other structure established by a foreign limited liability company which has attributes comparable to a protected series established under the act. The term applies whether or not the law under which the foreign company is organized refers to protected series. (5) Foreign series limited liability company means a foreign limited liability company that has at least one foreign protected series. (6) Nonassociated asset means: (A) an asset of a series limited liability company which is not an associated asset of the company; or (B) an asset of a protected series of the company which is not an associated asset of the protected series. (7) Person includes a protected series. (8) Protected series, except in the phrase foreign protected series, means a protected series established under section 21-509. (9) Protected-series manager means a person under whose authority the powers of a protected series are exercised and under whose direction the activities and affairs of the protected series are managed under the operating agreement, the Nebraska Uniform Protected Series Act, and the Nebraska Uniform Limited Liability Company Act. (10) Protected-series transferable interest means a right to receive a distribution from a protected series. (11) Protected-series transferee means a person to which all or part of a protected-series transferable interest of a protected series of a series limited liability company has been transferred, other than the company. The term includes a person that owns a protected-series transferable interest as a result of ceasing to be an associated member of a protected series. (12) Series limited liability company, except in the phrase foreign series limited liability company, means a limited liability company that has at least one protected series. History: Laws 2018, LB1121, § 3.