Limited liability company; charging orders entered against sole member of company. (SB165)
Introduced By
Sen. Chap Petersen (D-Fairfax)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
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 debtors 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. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/10/2012 | Prefiled and ordered printed; offered 01/11/12 12100873D |
01/10/2012 | Referred to Committee on Commerce and Labor |
01/16/2012 | Rereferred from Commerce and Labor (16-Y 0-N) (see vote tally) |
01/16/2012 | Rereferred to Courts of Justice |
02/06/2012 | Failed to report (defeated) in Courts of Justice (7-Y 7-N) (see vote tally) |