AI-assisted research summary: This section limits liability for people, series limited liability companies, and protected series in specified roles.
(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. History: Laws 2018, LB1121, § 21; Laws 2019, LB78, § 9.