21-524. Events causing dissolution of protected series.

A protected series of a series limited liability company is dissolved, and its activities and affairs must be wound up, only on the:

(1) dissolution of the company;

(2) occurrence of an event or circumstance the operating agreement states causes dissolution of the protected series;

(3) affirmative vote or consent of all members; or

(4) entry by the court of an order dissolving the protected series on application by an associated member or protected-series manager of the protected series:

(A) in accordance with section 21-508; and

(B) to the same extent, in the same manner, and on the same grounds the court would enter an order dissolving a limited liability company on application by a member or manager of the company; or

(5) entry by the court of an order dissolving the protected series on application by the company or a member of the company on the ground that the conduct of all or substantially all the activities and affairs of the protected series is illegal.

Source:Laws 2018, LB1121, ยง 25.
Operative Date: January 1, 2021