§ 13.1-1041.1. Member's transferable interest subject to charging order
A. On application by a judgment creditor of a member or of a member's assignee, a court having jurisdiction may charge the transferable interest of the judgment debtor to satisfy the judgment. To the extent so charged, the judgment creditor has only the right to receive any distribution or distributions to which the judgment debtor would otherwise have been entitled in respect of the interest.
B. A charging order constitutes a lien on the judgment debtor's transferable interest in the limited liability company.
C. This chapter does not deprive a member or a member's assignee of a right under exemption laws with respect to the judgment debtor's interest in the limited liability company.
D. The entry of a charging order is the exclusive remedy by which a judgment creditor of a member or of a member's assignee may satisfy a judgment out of the judgment debtor's transferable interest in the limited liability company.
E. No creditor of a member or of a member's assignee shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the limited liability company.
(2004, c. 601; 2006, c. 912.)
Sections: Previous 13.1-1038 13.1-1038.1 13.1-1039 13.1-1040 13.1-1040.1 13.1-1040.2 13.1-1041 13.1-1041.1 13.1-1042 13.1-1043 13.1-1044 13.1-1045 13.1-1046 13.1-1047 13.1-1048 NextLast modified: April 2, 2009