Virginia § 13.1-1099.7 - Limitations on liability
Full text of Virginia Code of Virginia § 13.1-1099.7 — Limitations on liability, with citation guidance and answers to common questions.
§ 13.1-1099.7. Limitations on liability
A. A person is not liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of:
1. A protected series of a series limited liability company solely by reason of being or acting as:
a. An associated member, protected series manager, or protected series assignee of the protected series; or
b. A member, manager, or an assignee of the series limited liability company; or
2. A series limited liability company solely by reason of being or acting as an associated member, protected series manager, or protected series assignee of a protected series of the series limited liability company.
B. Subject to § 13.1-1099.10, the following rules apply:
1. A debt, obligation, or other liability of a series limited liability company is solely the debt, obligation, or liability of the series limited liability company.
2. A debt, obligation, or other liability of a protected series is solely the debt, obligation, or liability of the protected series.
3. 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 series limited liability company solely by reason of the protected series being a protected series of the series limited liability company or the series limited liability company:
a. Being or acting as a protected series manager of the protected series;
b. Having the protected series manage the series limited liability company; or
c. Owning a protected series membership interest of the protected series.
4. 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 series limited liability company or another protected series of the series limited liability company solely by reason of:
a. Being a protected series of the series limited liability company;
b. Being or acting as a manager of the series limited liability company or a protected series manager of another protected series of the series limited liability company; or
c. Having the series limited liability company or another protected series of the series limited liability company be or act as a protected series manager of the protected series.
2019, c. 636.
Frequently Asked Questions About Virginia § 13.1-1099.7
What does Code of Virginia § 13.1-1099.7 cover?
Section 13.1-1099.7 ("Limitations on liability") is part of the Code of Virginia, the codified statutory law of Virginia. 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 Virginia § 13.1-1099.7?
A common citation format is "Code of Virginia § 13.1-1099.7" (Virginia). 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 Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 13.1-1099.7 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia 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 Virginia.