Effective: April 12, 2021 Latest Legislation: Senate Bill 276 - 133rd General Assembly (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. ; (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.
Ohio Legal Code