Section 21-504 - Powers and duration of protected series(a) A protected series of a series limited liability company has the capacity to sue and be sued in its own name.(b) Except as otherwise provided in subsections (c) and (d) of this section, a protected series of a series limited liability company has the same powers and purposes as the company.(c) A protected series of a series limited liability company ceases to exist not later than when the company completes its winding up.(d) A protected series of a series limited liability company may not:(1) be a member of the company;(2) establish a protected series;(3) render a professional service; or(4) except as permitted by law of this state other than the Nebraska Uniform Protected Series Act, have a purpose or power that the law of this state other than the Nebraska Uniform Protected Series Act prohibits a limited liability company from doing or having.Neb. Rev. Stat. §§ 21-504
Laws 2018, LB 1121, § 5; Laws 2021, LB 253, § 2.Amended by Laws 2021, LB 253,§ 2, eff. 7/1/2021.Added by Laws 2018, LB 1121,§ 5, eff. 1/1/2021.