§ 7-80-703 — Rights of creditor against a member

On application to a court of
competent jurisdiction by any judgment creditor of a member, the court may charge
the membership interest of the member with payment of the unsatisfied amount of
the judgment with interest thereon and may then or later appoint a receiver of the
member's share of the profits and of any other money due or to become due to the
member in respect of the limited liability company and make all other orders,
directions, accounts, and inquiries that the debtor member might have made, or that
the circumstances of the case may require. To the extent so charged, except as
provided in this section, the judgment creditor has only the rights of an assignee or
transferee of the membership interest. The membership interest charged may be
redeemed at any time before foreclosure. If the sale is directed by the court, the
membership interest may be purchased without causing a dissolution with separate
property by any one or more of the members. With the consent of all members
whose membership interests are not being charged or sold, the membership
interest may be purchased without causing a dissolution with property of the
limited liability company. This article shall not deprive any member of the benefit of
any exemption laws applicable to the member's membership interest.

Legislative History

Source: L. 90: Entire article added, p. 433, � 1, effective April 18. L. 97: Entire section amended, p. 1505, � 19, effective June 3. L. 2006: Entire section amended, p. 862, � 31, effective July 1.