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.
Available Versions of this Section
- April 12, 2021 – Enacted by Senate Bill 276, 133rd General Assembly [ View April 12, 2021 Version ]