The State of Delaware has built upon its preeminence in American corporate law by positioning Delaware limited liability companies (“Delaware LLCs”) as the entity of choice for ownership of real estate, especially when serving as special purpose entities required in structured finance transactions. One reason it has maintained this position is the enactment of annual amendments to the Delaware Limited Liability Company Act, Del. Code Ann. tit. 6, § 18-101 et seq. (the “Act”), to allow Delaware LLCs to meet the ever-developing needs of the marketplace.
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