Limited liability company; charging orders entered against sole member of company. (SB165)

Introduced By

Sen. Chap Petersen (D-Fairfax)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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 »


Bill Has Failed


01/10/2012Prefiled and ordered printed; offered 01/11/12 12100873D
01/10/2012Referred to Committee on Commerce and Labor
01/16/2012Rereferred from Commerce and Labor (16-Y 0-N) (see vote tally)
01/16/2012Rereferred to Courts of Justice
02/06/2012Failed to report (defeated) in Courts of Justice (7-Y 7-N) (see vote tally)