§ 684.11

684.11 Application to series organization. 1. As used in this section:a. 'Protected series' means an arrangement, however denominated, created by a series organization that, pursuant to the law under which the series organization is organized, hasthe characteristics set forth in paragraph 'b'. b. 'Series organization' means an organization that, pursuant to the law under which it is organized, has the following characteristics: (1) The organic record of the organization provides for creation by the organization of one or more protected series, however denominated, with respect to specified property ofthe organization, and for records to be maintained for each protected series that identify theproperty of or associated with the protected series. (2) Debt incurred or existing with respect to the activities of, or property of or associated with, a particular protected series is enforceable against the property of or associated withthe protected series only, and not against the property of or associated with the organizationor other protected series of the organization. (3) Debt incurred or existing with respect to the activities or property of the organization is enforceable against

f or associated with the organizationor other protected series of the organization. (3) Debt incurred or existing with respect to the activities or property of the organization is enforceable against the property of the organization only, and not against the property ofor associated with a protected series of the organization. 2. A series organization and each protected series of the organization is a separate person for purposes of this chapter, even if for other purposes a protected series is not a personseparate from the organization or other protected series of the organization. 2016 Acts, ch 1040, §11, 14, 15Former §684.11 transferred to §684.13; 2016 Acts, ch 1040, §14Section applies to a transfer made or an obligation incurred, as provided in §684.6, on or after July 1, 2016; 2016 Acts, ch 1040, §15 Sat Dec 23 12:26:02 2023 Iowa Code 2024, Section 684.11 (29, 0)