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Del. Series LLC Changes Bring Clarity For Secured Lenders

Law360 (August 23, 2018, 2:29 PM EDT) -- Delaware recently passed amendments to the Delaware Limited Liability Company Act that enable a new type of series of an LLC known as a “registered series.” The changes address historical uncertainty among lenders seeking to perfect a security interest with respect to a secured lending transaction involving a series of a Delaware limited liability company as a borrower.

Taking effect on Aug. 1, 2019, the amendments provide a statutory basis for characterizing a registered series as a registered organization located in the state of Delaware for purposes of Article 9 of the Uniform Commercial Code. Delaware also adopted related amendments to...

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