A recent Delaware Court of Chancery decision identified more than 21 reasons why an LLC is not purely a creature of contract. Hassanein v. NTO Fund I, LLC, C.A. No. 2025-0299-DH (JTL) (Del. Ch. August 4, 2026), is noteworthy for several reasons, such as: providing an illustrative, but not exclusive, list of reasons, with copious citations to authority, why an LLC Agreement might be primarily a creature of contract—but is not purely, or only, a contractual creature. Slip op. at 9-17.
The court also observes that equitable remedies are also among the potentially available factors to consider. See footnote 50. A recent decision, by the same Vice Chancellor, that we highlighted on these pages, also addressed the issue. There is much else to commend this decision, but I only adumbrate it on these pages for purposes of whetting the appetite of serious followers of the law.
Other Highlights
- The court provided a thorough examination of the difference between the status of an investment as a loan or equity in both the LLC and corporate contexts, as well as the consequences of that classification. Slip op. at 20-30.
- The court recites basic contract interpretation principles that are always useful. Slip op. at 18-19.
- The court engages in a thorough examination of the difference between a direct claim as compared to a derivative claim in both the LLC and corporate context. Slip op. at 43-55.
- The court explains the rights of a creditor pursuant to § 18-502(b) of the LLC Act. Slip op. at 54-63.
- See generally footnote 24 which notes that the General Assembly a few years ago abrogated the concept of incurable contract voidness.