October 29, 2013
Bayard’s Marla Norton Participates in Meeting of the Uniform Law Commission’s Drafting Committee on Series of Unincorporated Business Entities
On September 24, 2013, Marla Norton, a director in Bayard’s Business Entity and Commercial Transactions practice group, participated in a meeting of the Uniform Law Commission’s (“ULC”) Drafting Committee on Series of Unincorporated Business Entities in Minneapolis, Minnesota. Marla attended the meeting in her capacity as an American Bar Association (“ABA”) Business Law Section Advisor.
The ULC Commissioners were interested in the Delaware perspective on the use of series in unincorporated business organizations and the evolution of the series concept under Delaware law, because Delaware was the first state to incorporate the “series” concept into its statutory trust, limited liability and limited partnership statutes. Marla was able to provide insight regarding some of the issues considered during the Delaware drafting process, having served on the Delaware State Bar Association committees responsible for updating the limited liability company, limited partnership and statutory trust legislation.
The ULC, also known as the National Conference of Commissioners on Uniform State Laws, is a non-profit unincorporated association established in 1892, comprised of state-appointed Commissioners from each state, the District of Columbia, the Commonwealth of Puerto Rico, and the U.S. Virgin Islands. The ULC drafting process is designed to provide states with non-partisan, well-conceived and well-drafted legislation that brings clarity and stability to critical areas of state statutory law. The ABA appoints members of interested ABA Committees as advisors to ULC drafting projects in order to provide input to the Commissioners based upon their experience and familiarity with the subject matter of the proposed laws. Additional information on the Uniform Law Commission and this and other drafting projects can be found at uniformlaws.org.
The ULC Commissioners were interested in the Delaware perspective on the use of series in unincorporated business organizations and the evolution of the series concept under Delaware law, because Delaware was the first state to incorporate the “series” concept into its statutory trust, limited liability and limited partnership statutes. Marla was able to provide insight regarding some of the issues considered during the Delaware drafting process, having served on the Delaware State Bar Association committees responsible for updating the limited liability company, limited partnership and statutory trust legislation.
The ULC, also known as the National Conference of Commissioners on Uniform State Laws, is a non-profit unincorporated association established in 1892, comprised of state-appointed Commissioners from each state, the District of Columbia, the Commonwealth of Puerto Rico, and the U.S. Virgin Islands. The ULC drafting process is designed to provide states with non-partisan, well-conceived and well-drafted legislation that brings clarity and stability to critical areas of state statutory law. The ABA appoints members of interested ABA Committees as advisors to ULC drafting projects in order to provide input to the Commissioners based upon their experience and familiarity with the subject matter of the proposed laws. Additional information on the Uniform Law Commission and this and other drafting projects can be found at uniformlaws.org.