Nebraska Revised Statutes Chapter 21. Corporations and Other Companies § 21-502. Definitions

(1) Asset means property:

(2)Associated asset means an asset that meets the requirements of section 21-515.

(3)Associated member means a member that meets the requirements of section 21-516.

(4)Foreign protected series means an arrangement, configuration, or other structure established by a foreign limited liability company which has attributes comparable to a protected series established under the act. The term applies whether or not the law under which the foreign company is organized refers to protected series.

(5)Foreign series limited liability company means a foreign limited liability company that has at least one foreign protected series.

(6)Nonassociated asset means:

(7)Person includes a protected series.

(8)Protected series, except in the phrase foreign protected series, means a protected series established under section 21-509.

(9)Protected-series manager means a person under whose authority the powers of a protected series are exercised and under whose direction the activities and affairs of the protected series are managed under the operating agreement, the Nebraska Uniform Protected Series Act, and the Nebraska Uniform Limited Liability Company Act.

(10)Protected-series transferable interest means a right to receive a distribution from a protected series.

(11)Protected-series transferee means a person to which all or part of a protected-series transferable interest of a protected series of a series limited liability company has been transferred, other than the company. The term includes a person that owns a protected-series transferable interest as a result of ceasing to be an associated member of a protected series.

(12)Series limited liability company, except in the phrase foreign series limited liability company, means a limited liability company that has at least one protected series.