Fed. Hous. Fin. Agency v. Saticoy Bay LLC

Summary

The Nevada Supreme Court answered a certified question by holding that a series LLC formed under Nevada law must be sued in its own name for a court to obtain jurisdiction over it, if the series has observed the required corporate formalities. The court interpreted the statutory term "may" as permitting the series LLC to elect whether to operate as a separate entity, not as allowing a plaintiff to sue the master LLC instead. The court relied on the statutory treatment of series LLCs as limited-liability companies and their separate liability for obligations tied to the series.