(a) On application to a court of competent jurisdiction by a judgment creditor of a member, transferee, or any other owner of a membership interest in a limited liability company, a court having jurisdiction may charge the membership interest of the judgment debtor with payment of the unsatisfied amount of the judgment with interest.
(b) If a court charges a membership interest with payment of a judgment as provided under subsection (a) of this section, the judgment creditor has only the right to receive a distribution to which the judgment debtor would otherwise be entitled in respect of the membership interest.
(c) (1) A charging order constitutes a lien on the judgment debtor's membership interest.(2) The charging order lien shall not be foreclosed on under this subchapter or any other law.
(1) A charging order constitutes a lien on the judgment debtor's membership interest.
(2) The charging order lien shall not be foreclosed on under this subchapter or any other law.
(d) This section:(1) Is specific to a lien created by a charging order; and(2) Shall not:(A) Apply to a creditor's secured lien created under the Uniform Commercial Code, § 4-1-101 et seq.; or(B) Operate to invalidate any provision of any written agreement between a member and a creditor, including without limitation a security agreement, assignment, pledge, hypothecation, or other instrument giving the creditor a security interest in, or assignment of, the transferable interest, where at the time the written agreement, security agreement, assignment, or other instrument was executed by the member and the creditor, the member's executing such written agreement, security agreement, assignment, or other instrument did not violate a provision of the limited liability company's certificate of organization or operating agreement.
(1) Is specific to a lien created by a charging order; and
(2) Shall not:(A) Apply to a creditor's secured lien created under the Uniform Commercial Code, § 4-1-101 et seq.; or(B) Operate to invalidate any provision of any written agreement between a member and a creditor, including without limitation a security agreement, assignment, pledge, hypothecation, or other instrument giving the creditor a security interest in, or assignment of, the transferable interest, where at the time the written agreement, security agreement, assignment, or other instrument was executed by the member and the creditor, the member's executing such written agreement, security agreement, assignment, or other instrument did not violate a provision of the limited liability company's certificate of organization or operating agreement.
(A) Apply to a creditor's secured lien created under the Uniform Commercial Code, § 4-1-101 et seq.; or
(B) Operate to invalidate any provision of any written agreement between a member and a creditor, including without limitation a security agreement, assignment, pledge, hypothecation, or other instrument giving the creditor a security interest in, or assignment of, the transferable interest, where at the time the written agreement, security agreement, assignment, or other instrument was executed by the member and the creditor, the member's executing such written agreement, security agreement, assignment, or other instrument did not violate a provision of the limited liability company's certificate of organization or operating agreement.
(e) The entry of a charging order is the exclusive remedy by which a judgment creditor of a member or of another owner of a membership interest may satisfy a judgment out of the judgment debtor's membership interest.
(f) This section shall not be construed to deprive a member of a limited liability company or another owner of a membership interest in a limited liability company of the benefit of an exemption applicable to the membership interest of the member or owner.
(g) A creditor of a member or of another owner of a membership interest does not have the right to obtain possession of or otherwise exercise legal or equitable remedies with respect to the property of the limited liability company.
(h) This section applies to:(1) A single-member limited liability company; and(2) A multiple-member limited liability company.
(1) A single-member limited liability company; and
(2) A multiple-member limited liability company.