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The Legislative Service Commission staff updates the Revised Code on an ongoing basis, as it completes its act review of enacted legislation. Updates may be slower during some times of the year, depending on the volume of enacted legislation.

Section 1706.769 | Separate asset series-activities and proceedings after dissolution.


(A) A dissolved series continues its existence as a series but shall not carry on any activities except as is appropriate to wind up and liquidate its activities and affairs. Appropriate activities include all of the following:

(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 membership interests associated with the series;

(3) Discharging or making provisions for discharging the liabilities of the series;

(4) Distributing the remaining property of the series in accordance with section 1706.7613 of the Revised Code;

(5) Doing any other act necessary to wind up and liquidate the series' activities and affairs.

(B) In winding up a series' activities, a series may do any of the following:

(1) Preserve the series' activities and property as a going concern for a reasonable time;

(2) Prosecute, defend, or settle actions or proceedings whether civil, criminal, or administrative;

(3) Make an assignment of the series' property;

(4) Resolve disputes by mediation or arbitration.

(C) A series' dissolution, in itself:

(1) Is not an assignment of the series' property;

(2) Does not prevent the commencement of a proceeding by or against the series in the series' name;

(3) Does not abate or suspend a proceeding pending by or against the series on the effective date of dissolution;

(4) Does not abate, suspend, or otherwise alter the application of section 1706.7613 of the Revised Code.

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