Pennsylvania § 5111 - Application to series organization.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 5111 — Application to series organization., with citation guidance and answers to common questions.
§ 5111. Application to series organization.
(a) Separate person.--A series organization and a protected series of the series organization is a separate person for purposes of this chapter, even if for other purposes a protected series is not a person separate from the series organization or other protected series of the series organization.
(b) Definitions.--As used in this section, the following words and phrases shall have the meanings given to them in this subsection unless the context clearly indicates otherwise:
"Protected series." An arrangement, however denominated, created by a series organization that, pursuant to the law under which the series organization is organized, has the characteristics specified for a series organization.
"Series organization." An organization that, pursuant to the law under which the organization 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 of the organization, and for records to be maintained for each protected series that identifies the property 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 with the protected series only, and not against the property of or associated with the organization or 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 of or associated with a protected series of the organization.
(Dec. 22, 2017, P.L.1249, No.78, eff. 60 days)
2017 Amendment. Act 78 added section 5111. See section 7 of Act 78 in the appendix to this title for special provisions relating to applicability.
Frequently Asked Questions About Pennsylvania § 5111
What does Pennsylvania Consolidated Statutes § 5111 cover?
Section 5111 ("Application to series organization.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. 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 Pennsylvania § 5111?
A common citation format is "Pennsylvania Consolidated Statutes § 5111" (Pennsylvania). 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 Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 5111 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania 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 Pennsylvania.