Section 21-520 - Limitations on liability(a) A person is not liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of:(1) a protected series of a series limited liability company solely by reason of being or acting as:(A) an associated member, protected-series manager, or protected-series transferee of the protected series; or(B) a member, manager, or a transferee of the company; or(2) a series limited liability company solely by reason of being or acting as an associated member, protected-series manager, or protected-series transferee of a protected series of the company.(b) Subject to section 21-523, the following rules apply:(1) A debt, obligation, or other liability of a series limited liability company is solely the debt, obligation, or liability of the company.(2) A debt, obligation, or other liability of a protected series is solely the debt, obligation, or liability of the protected series.(3) A series limited liability company is not liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of a protected series of the company solely by reason of the protected series being a protected series of the company or the company: (A) being or acting as a protected-series manager of the protected series;(B) having the protected series manage the company; or(C) owning a protected-series transferable interest of the protected series.(4) A protected series of a series limited liability company is not liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of the company or another protected series of the company solely by reason of: (A) being a protected series of the company;(B) being or acting as a manager of the company or a protected-series manager of another protected series of the company; or(C) having the company or another protected series of the company be or act as a protected-series manager of the protected series.Neb. Rev. Stat. §§ 21-520
Laws 2018, LB 1121, § 21; Laws 2019, LB 78, § 9.Amended by Laws 2019, LB 78,§ 9, eff. 9/1/2019, op. 1/1/2021.Added by Laws 2018, LB 1121,§ 21, eff. 1/1/2021.