Arkansas § 4-37-401 - Limitations on liability.
Full text of Arkansas Arkansas Code of 1987 Annotated § 4-37-401 — Limitations on liability., with citation guidance and answers to common questions.
§ 4-37-401. Limitations on liability.
A person is not liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of: a protected series of a series limited liability company solely by reason of being or acting as: an associated member, series manager, or protected-series transferee of the protected series; or a member, manager, or a transferee of the company; or a series limited liability company solely by reason of being or acting as an associated member, protected-series manager, or protected-series transferee of a protected series of the company. Subject to § 4-37-404, the following rules apply: A debt, obligation, or other liability of a series limited liability company is solely the debt, obligation, or liability of the company. A debt, obligation, or other liability of a protected series is solely the debt, obligation, or liability of the protected series. A series limited liability company is not liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of a protected series of the company solely by reason of the protected series being a protected series of the company or the company: being or acting as a protected-series manager of the protected series; having the protected series manage the company; or owning a protected-series transferable interest of the protected series. A protected series of a series limited liability company is not liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of the company or another protected series of the company solely by reason of: being a protected series of the company; being or acting as a manager of the company or a protected-series manager of another protected series of the company; or having the company or another protected series of the company be or act as a protected-series manager of the protected series.
Frequently Asked Questions About Arkansas § 4-37-401
What does Arkansas Code of 1987 Annotated § 4-37-401 cover?
Section 4-37-401 ("Limitations on liability.") is part of the Arkansas Code of 1987 Annotated, the codified statutory law of Arkansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arkansas § 4-37-401?
A common citation format is "Arkansas Code of 1987 Annotated § 4-37-401" (Arkansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arkansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arkansas official source linked on this page or consult a licensed Arkansas attorney.
How does Arkansas § 4-37-401 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arkansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arkansas.