(1) A person is not liable, directly or indirectly, by way of contribution or otherwise, for a debt, an obligation, or another liability of either of the following: (a) A protected series of a series limited liability company solely by reason of being or acting as: 1. An associated member, protected-series manager, or protected-series transferee of the protected series; or 2. A member, manager, or transferee of the company; or (b) 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. (2) Subject to s. 605.2404, the following apply: (a) A debt, an obligation, or another liability of a series limited liability company is solely the debt, obligation, or liability of the company. (b) A debt, an obligation, or another liability of a protected series is solely the debt, obligation, or liability of the protected series. (c) A series limited liability company is not liable, directly or indirectly, by way of contribution or otherwise, for a debt, an obligation, or another liability of a protected series of the company solely by reason of the protected series being a protected series of the company, or the series limited liability company: 1. Being or acting as a protected-series manager of the protected series; 2. Having the protected series manage the series limited liability company; or 3. Owning a protected-series transferable interest of the protected series. (d) A protected series of a series limited liability company is not liable, directly or indirectly, by way of contribution or otherwise, for a debt, an obligation, or another liability of the company or another protected series of the company solely by reason of: 1. Being a protected series of the series limited liability company; 2. Being or acting as a manager of the series limited liability company or a protected-series manager of another protected series of the company; or 3. Having the series limited liability company or another protected series of the company be or act as a protected-series manager of the protected series.
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