HB 21-1026

Abstract

Section 1 of the bill defines a "protected series" as an arrangement, configuration, or other structure established by an entity formed outside of Colorado (a "foreign entity") as to which, under the organic statutes of the foreign entity: The assets of or associated with the protected series are not subject to claims against, or liabilities of, the foreign entity or any other protected series of the foreign entity; and The assets of or associated with the foreign entity or any other protected series of the foreign entity are not subject to claims against, or liabilities of, the protected series. Section 2 authorizes a foreign entity that has established a protected series (a "foreign series entity") that is doing or proposing to do business in this state to file with the secretary of state a statement of foreign entity authority that states the name and principal place of business of the protected series. Section 3 specifies the effect of filing the statement of foreign entity authority with regard to the foreign series entity's and protected series' rights and liabilities.(Note: This summary applies to this bill as introduced.)