The Doctrine of Independent Legal Significance Applies to Alternative Entities: Some Thoughts for Lenders

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The doctrine of independent legal significance has long been utilized by Delaware courts in construing provisions of the Delaware General Corporation Law, but until recently, its applicability to alternative entities was an open question. Recent amendments by the Delaware legislature to the LP Act and LLC Act have clarified that the doctrine applies to LPs and LLCs, respectively. This article discusses some of the potential consequences that may result when the applicability of the doctrine of independent legal significance is not contemplated when such entities are formed.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Andy Kostoulas | Attorney Advertising

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