(a) A dissolved series continues its existence as a series but may not carry on any activities and affairs except as is appropriate to wind up and liquidate its activities and affairs, including: (1) collecting the assets of the series; (2) disposing of the properties of the series that will not be distributed in kind to persons owning transferable interests; (3) discharging or making provisions for discharging the liabilities of the series; (4) distributing the remaining property of the series in accordance with Section 10A-5A-11.14; and (5) doing every other act necessary to wind up and liquidate the series’ activities and affairs. (b) In winding up a series’ activities and affairs, a series may: (1) preserve the series’ activities and affairs and property as a going concern for a reasonable time; (2) prosecute, defend, or settle actions or proceedings whether civil, criminal, or administrative; (3) transfer the series’ property; and (4) resolve disputes by mediation or arbitration. (c) The dissolution of a series does not: (1) transfer title to the series’ property; (2) prevent the commencement of a proceeding by or against the series in the series’ name; (3) terminate, abate, or suspend a proceeding pending by or against the series on the effective date of dissolution; or (4) abate, suspend, or otherwise alter the application of Section 10A-5A-3.01.
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