§ 13.1-1041.1 Member’s transferable interest subject to charging order
A. On application by a judgment creditor of a member or of a member’s assignee, a court having jurisdiction may charge the transferable interest of the judgment debtor to satisfy the judgment. To the extent so charged, the judgment creditor has only the right to receive any distribution or distributions to which the judgment debtor would otherwise have been entitled in respect of the interest.
B. A charging order constitutes a lien on the judgment debtor’s transferable interest in the limited liability company.
C. This chapter does not deprive a member or a member’s assignee of a right under exemption laws with respect to the judgment debtor’s interest in the limited liability company.
D. The entry of a charging order is the exclusive remedy by which a judgment creditor of a member or of a member’s assignee may satisfy a judgment out of the judgment debtor’s transferable interest in the limited liability company.
E. No creditor of a member or of a member’s assignee shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the limited liability company.
History
This law was first created in 2004. The record of its establishment is cataloged in chapter 601 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2006, chapter 912.
2004, c. 601; 2006, c. 912.