Since it is an API SM oil, and presumably is the 5W-30 that BMW recommends, you shouldn't have any trouble with liability. Seems like your manual is like my two recent manuals, no reference to the LL program.

Not sure why an SM oil (which is a new spec) only meets LL98, and not the newer LL specs. I wouldn't worry about it, but it illustrates the gaps in the BMW LL oil spec program, since SM oils weren't invented when LL98 was current.

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2007 X3 3.0si, 6 MT, Premium, White

Retired:
2008 535i, 6 MT, M Sport, Premium, Space Grey
2003 X5 3.0 Steptronic, Premium, Titanium Silver
2002 325xi 5 MT, Steel Grey
2004 Z4 3.0 Premium, Sport, SMG, Maldives Blue