1. Except as otherwise provided in subsection 2, a claim seeking to disregard a limitation in section 489.14401 is governed by the principles of law and equity, including a principle providing aright toa creditor or holding a person liable for a debt, obligation, or otherliability of another person, which would apply if each protected series of a series limited liability company were a limited liability company formed separately from the series limited liability company and distinct from the series limited liabilitycompany and any other protected series of the series limited liability company. 2. The failure of a limited liabilitycompany or a protected series to observe formalities relating to theexercise of itspowers ormanagement of its activities and affairs isnot a ground todisregard a limitation insection 489.14401, subsection 1, but may be a ground to disregard a limitation in section 489.14401, subsection 2. 3. This section applies to a claim seeking to disregard a limitation of liability applicable to a foreign series limited liability company or foreign protected series and comparable to a limitation stated in section 489.14401, ifany of the following apply: a. The claimant is a resident of this state or doing business or authorized to do business in this state. b. The claim is to establish or enforce a liabilityarising under law of this state other than this subchapter or from an act or omission in this state.
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