Richards Layton & Finger
 

Changes to the Delaware Limited Liability Company Act Affecting Commercial Real Estate Lending

Spring 2019

On July 23, 2018, Delaware Governor John Carney signed into law Senate Bill No. 183, which amends the Delaware Limited Liability Company Act (the “DLLCA”). The legislation addresses a number of aspects of a Delaware limited liability company (a “Delaware LLC”); however, the amendments most affecting commercial real estate lending are the creation of a new type of Delaware series limited liability companies known as a “registered series” and the establishment of a process for dividing a Delaware LLC into multiple Delaware LLCs.