The Nevada Supreme Court answered a certified question from the U.S. Court of Appeals for the Ninth Circuit on whether a series LLC must be sued in its own name for a court to obtain jurisdiction over it, or if the master LLC, under which the series was created, can be sued instead.
In the case underlying the question, Federal Housing Finance Agency v. Saticoy Bay LLC, Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corp. (Freddie Mac) bought mortgage loans secured by residential real estate, according to the opinion. When the mortgagors failed to pay their homeowner association assessments, the homeowner associations foreclosed on their super-priority liens. The properties were sold to defendant Saticoy Bay LLC.
