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2012 SESSION

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SB 165 Limited liability company; charging orders entered against sole member of company.

Introduced by: J. Chapman Petersen | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Charging orders entered against a member of a limited liability company.  Provides for the direct execution of judgment on the assets of a limited liability company when the judgment debtor is the 100 percent owner of that company. The bill also specifies that entry of a charging order does not preclude the judgment debtor from seeking other available legal and equitable remedies by which to execute the judgment against the membership share of the judgment debtor. Current law provides that a charging order is the exclusive remedy by which a judgment creditor may satisfy a judgment against the debtor’s transferable interest in the company and that a judgment creditor does not have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the limited liability company.


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