                                 CODE OF VIRGINIA

MEMBER&#8217;S TRANSFERABLE INTEREST SUBJECT TO CHARGING ORDER (§ 13.1-1041.1)

A. On application by a judgment creditor of a member or of a member&#8217;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&#8217;s
transferable interest in the limited liability company.

C. This chapter does not deprive a member or a member&#8217;s assignee of a
right under exemption laws with respect to the judgment debtor&#8217;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&#8217;s assignee may satisfy a judgment out
of the judgment debtor&#8217;s transferable interest in the limited liability
company.

E. No creditor of a member or of a member&#8217;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: 2004, c. 601; 2006, c. 912.