§ 10A-5-6.05 — Member’s Financial Rights Subject to Charging Order. Repealed in the 2014 Regular Session by Act 2014-144 Effective January 1, 2017

Alabama § 10A-5-6.05

• Jurisdiction: Alabama
• Title 10A: Alabama Business and Nonprofit Entities Code
• Ch. 5: Limited Liability Companies
• Art. 6: Transfer of Membership Interest

Text

(a) On application to a court of competent jurisdiction by any judgment creditor of a member or assignee, the court may charge the interest of the member or assignee with payment of the unsatisfied amount of the judgment with interest. To the extent so charged, the judgment creditor has only the rights of an assignee of financial rights. This section shall be the sole and exclusive remedy of a judgment creditor with respect to the judgment debtor’s membership interest.
(b) This chapter does not deprive any member of the benefit of any exemption laws applicable to the member’s limited liability company interest.

Legislative History

(Acts 1993, No. 93-724, p. 1425, §35; Act 97-920, 1st Ex. Sess., p. 312, §1; §10-12-35; amended and renumbered by Act 2009-513, p. 967, §234.)