Title Examination Standards
Chapter 1, App.
Chapter 14. Limited Liability Companies
§ 14.10 Limited Liability Company with Series

Title to real property which is to be held under a properly created limited liability company with established series, domestic or foreign, must be acquired, held and conveyed in the name of the limited liability company, with appropriate indication that such title is held for the benefit of the specific series.

Comment:

Because a series is merely an attribute of the LLC, the series may not hold title in its own name independent of the LLC. Examples of acceptable designations of the grantor or grantee in an instrument conveying title to real property to or from a particular series would be one of the following:

A) Master, LLC, an Oklahoma limited liability company, as Nominee for its Series ABC;
B) XYZ, LLC, a Texas limited liability company, on behalf of its Series ABC;
C) DEF, LLC, a Delaware limited liability company, for the benefit of its Series 2016-A.

In the event an LLC, which has merely provided for the establishment of series, acquires property prior to the actual establishment of such series or otherwise acquires property in the name of the LLC, the LLC shall evidence such transfer of interest from the LLC itself to the LLC for the benefit of the series, by appropriate conveyance.

This standard does not address the situation of real property held by a wholly owned subsidiary LLC, which is an entity capable of acquiring, holding and conveying real property in its own name.

Authority: 18 O.S. §2054.4.B.

The 2016 Title Examination Standards Sub-Committee proposed