Title: Federal Housing Finance Agency v. Saticoy Bay LLC
Citation: 139 Nev. Adv. Op. No. 15
Docket Number: 
State: Nevada
Issuer: Nevada Supreme Court
Date: July 6, 2023

Federal Housing Finance Agency v. Saticoy Bay LLC Annotate this Case Justia Opinion Summary The Supreme Court answered a certified question by concluding that a series LLC created pursuant to Nev. Rev. Stat. 86.296 must be sued in its own name for the court to obtain jurisdiction over it, so long as the series LLC has observed the corporate formalities provided for in Nev. Rev. Stat. 86.296(3). The United States Court of Appeals for the Ninth Circuit certified to the Supreme Court the question of whether, under Nevada law, a series LLC created pursuant to section 86.296 must be sued in its own name for the court to obtain jurisdiction over it, or whether the master LLC under which the series is created may be sued instead. The Supreme Court answered the question as set forth above, holding that the master LLC may not be legally responsible for the acts of the series LLC and that if a series LLC has observed corporate formalities, it should be the named entity in a lawsuit against the series LLC. Read more Want to stay in the know about new opinions from the Supreme Court of Nevada? Sign up for free summaries delivered directly to your inbox. Learn More › You already receive new opinion summaries from Supreme Court of Nevada. Did you know we offer summary newsletters for even more practice areas and jurisdictions? Explore them here . Opinion Annotation Download PDF Primary Holding The Supreme Court answered a certified question by concluding that a series LLC created pursuant to Nev. Rev. Stat. 86.296 must be sued in its own name for the court to obtain jurisdiction over it, so long as the series LLC has observed the corporate formalities provided for in Nev. Rev. Stat. 86.296(3). Disclaimer: Justia Annotations is a forum for attorneys to summarize, comment on, and analyze case law published on our site. Justia makes no guarantees or warranties that the annotations are accurate or reflect the current state of law, and no annotation is intended to be, nor should it be construed as, legal advice. Contacting Justia or any attorney through this site, via web form, email, or otherwise, does not create an attorney-client relationship. Federal Housing Finance Agency v. Saticoy Bay LLC Primary Holding The Supreme Court answered a certified question by concluding that a series LLC created pursuant to... Read the full annotations for this case. Webinars You Might Like: Please visit individual webinar pages for more information about CLE accreditation.