Section 10A-5A-11.10 - Effect of dissolution of series(a) A dissolved series continues its existence as a series but may not carry on any activities and affairs except as is appropriate to wind up and liquidate its activities and affairs, including:(1) collecting the assets of the series;(2) disposing of the properties of the series that will not be distributed in kind to persons owning transferable interests;(3) discharging or making provisions for discharging the liabilities of the series;(4) distributing the remaining property of the series in accordance with Section 10A-5A-11.14; and(5) doing every other act necessary to wind up and liquidate the series' activities and affairs.(b) In winding up a series' activities and affairs, a series may: (1) preserve the series' activities and affairs and property as a going concern for a reasonable time;(2) prosecute, defend, or settle actions or proceedings whether civil, criminal, or administrative;(3) transfer the series' property; and(4) resolve disputes by mediation or arbitration.(c) The dissolution of a series does not:(1) transfer title to the series' property;(2) prevent the commencement of a proceeding by or against the series in the series' name;(3) terminate, abate, or suspend a proceeding pending by or against the series on the effective date of dissolution; or(4) abate, suspend, or otherwise alter the application of Section 10A-5A-3.01.Ala. Code § 10A-5A-11.10 (1975)
Amended by Act 2021-299,§ 5, eff. 1/1/2022.Added by Act 2014-144,§ 1, eff. 1/1/2015.