Sec. 101.606. LIABILITY OF MEMBER OR MANAGER FOR OBLIGATIONS; DUTIES. (a) Except as and to the extent the company agreement specifically provides otherwise, a member or manager associated with a series or a member or manager of the company is not liable for a debt, obligation, or liability of a series, including a debt, obligation, or liability under a judgment, decree, or court order.
(b) The company agreement may expand or restrict any duties, including fiduciary duties, and related liabilities that a member, manager, officer, or other person associated with a series has to:
(1) the series or the company;
(2) a member or manager associated with the series; or
(3) a member or manager of the company.
Added by Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 45, eff. September 1, 2009.
Section: Previous 101.551 101.552 101.601 101.602 101.603 101.604 101.605 101.606 101.607 101.608 101.609 101.610 101.611 101.612 101.613 NextLast modified: September 28, 2016