Bayard’s Marla H. Norton served on a panel discussing the Uniform Limited Liability Company Protected Series Act (the “Protected Series Act”) at the 2016 LLC Institute in Arlington, Virginia on October 21, 2016. The LLC Institute is sponsored annually by the American Bar Association’s (“ABA”) LLCs, Partnerships and Unincorporated Entities Committee of the Business Law Section.
The Protected Series Act is presently being drafted by the Uniform Law Commission (“ULC”) (formerly known as the National Conference of Commissioners Uniform State Laws, or NCCUSL). Marla serves as an ABA advisor to the ULC Drafting Committee for the Protected Series Act and previously served as an ABA Advisor for the Series Study Committee. The Protected Series Act seeks to create a uniform “plug-in” module for state enactment to supplement the limited liability company legislation adopted by the various states to authorize limited liability companies to establish “protected series” providing for asset and liability partitioning. The “series” concept was first developed in Delaware as a part of what was then the Delaware Business Trust Act, now the Delaware Statutory Trust Act, and was imported into the Delaware Limited Liability Company Act in 1996.
Marla concentrates her practice on Delaware business entities (including corporations, limited liability companies, statutory trusts and partnerships), corporate governance, and third party legal opinions. She has 29 years of experience in a variety of corporate and commercial transactions, including securitization transactions, corporate formation and governance, mergers and acquisitions, contract negotiation and drafting, franchise advice, captive insurance matters and secured lending.