Arkansas Charging Order Statutes And Opinions

Site.StateArkansas History

Hide minor edits - Show changes to output

March 26, 2022, at 12:49 AM by 50.159.12.10 -
Changed line 143 from:
(:pagelist link=Category.Arkansas list=normal:).
to:
(:pagelist link=Category.Arkansas list=normal fmt=title:).
March 21, 2022, at 03:18 AM by 68.227.20.72 -
Changed line 6 from:
[[!State]] Arkansas
to:
[[!State]] StateArkansas
March 20, 2022, at 10:17 PM by 68.227.20.72 -
Changed line 21 from:
GENERAL PARTNERSHIPS
to:
!!!GENERAL PARTNERSHIPS
March 20, 2022, at 10:17 PM by 68.227.20.72 -
Changed line 6 from:
[[!state]]
to:
[[!State]] Arkansas
Changed lines 9-11 from:
TEXT
[[<<]]
[[<<]]
to:
!!!Arkansas Charging Order

 

* GENERAL PARTNERSHIPS: A.C. § 4-46-504. Partner's transferable interest subject to charging order

* LIMITED PARTNERSHIPS: A.C. § 4-47-703. Rights of creditor of partner or transferee

* LIMITED LIABILITY COMPANIES: A.C. § 4-32-705. Rights of judgment creditor

Added lines 20-140:

GENERAL PARTNERSHIPS

 

A.C. § 4-46-504. Partner's transferable interest subject to charging order

 

(a) On application by a judgment creditor of a partner or of a partner's transferee, a court having jurisdiction may charge the transferable interest of the judgment debtor to satisfy the judgment. The court may appoint a receiver of the share of the distributions due or to become due to the judgment debtor in respect of the partnership and make all other orders, directions, accounts, and inquiries the judgment debtor might have made or which the circumstances of the case may require.

 

(b) A charging order constitutes a lien on the judgment debtor's transferable interest in the partnership. The court may order a foreclosure of the interest subject to the charging order at any time. The purchaser at the foreclosure sale has the rights of a transferee.

 

(c) At any time before foreclosure, an interest charged may be redeemed:

 

(1) by the judgment debtor;

 

(2) with property other than partnership property, by one (1) or more of the other partners; or

 

(3) with partnership property, by one (1) or more of the other partners with the consent of all of the partners whose interests are not so charged.

 

(d) This chapter does not deprive a partner of a right under exemption laws with respect to the partner's interest in the partnership.

 

(e) This section provides the exclusive remedy by which a judgment creditor of a partner or partner's transferee may satisfy a judgment out of the judgment debtor's transferable interest in the partnership.

----

!!!LIMITED PARTNERSHIPS

 

A.C. § 4-47-703. Rights of creditor of partner or transferee

 

(a) On application to a court of competent jurisdiction by any judgment creditor of a partner or transferee, the court may charge the transferable interest of the judgment debtor with payment of the unsatisfied amount of the judgment with interest. To the extent so charged, the judgment creditor has only the rights of a transferee. The court may appoint a receiver of the share of the distributions due or to become due to the judgment debtor in respect of the partnership and make all other orders, directions, accounts, and inquiries the judgment debtor might have made or which the circumstances of the case may require to give effect to the charging order.

 

(b) A charging order constitutes a lien on the judgment debtor's transferable interest. The court may order a foreclosure upon the interest subject to the charging order at any time. The purchaser at the foreclosure sale has the rights of a transferee.

 

(c) At any time before foreclosure, an interest charged may be redeemed:

 

(1) by the judgment debtor;

 

(2) with property other than limited partnership property, by one or more of the other partners; or

 

(3) with limited partnership property, by the limited partnership with the consent of all partners whose interests are not so charged.

 

(d) This chapter does not deprive any partner or transferee of the benefit of any exemption laws applicable to the partner's or transferee's transferable interest.

 

(e) This section provides the exclusive remedy by which a judgment creditor of a partner or transferee may satisfy a judgment out of the judgment debtor's transferable interest.

----

!!!LIMITED LIABILITY COMPANIES

 

A.C. § 4-32-705. Rights of judgment creditor

 

(a)

 

(1) On application to a court of competent jurisdiction by any judgment creditor of a member, the court may charge the member's limited liability company interest with payment of the unsatisfied amount of judgment with interest.

 

(2) To the extent so charged, the judgment creditor has only the rights of an assignee of the member's limited liability company interest.

 

(3) This chapter does not deprive any member of the benefit of any exemption laws applicable to his or her limited liability company interest.

 

(b) Upon the filing of a charging application by a judgment creditor of a member under subdivision (a)(1) of this section and the recording of the charging application in the register of the Secretary of State as required under subsection (c) of this section, a temporary lien is created in favor of the judgment creditor against the member's membership interest in the limited liability company interest until a ruling by the court is entered on the record or the application is dismissed.

 

(c) The Secretary of State shall:

 

(1) Create a register within the Uniform Commercial Code lien filings for charging applications received under subsection (b) of this section; and

 

(2) Maintain the register so that the register can be searched in the same manner as the lien filings of the Uniform Commercial Code, § 4-1-101 et seq.
[[<<]]
[[<<]]
----
Deleted lines 141-142:

UNLINKED
March 19, 2022, at 01:15 AM by 68.227.20.72 -
Added lines 1-17:
(:title Arkansas Charging Order Statutes And Opinions:)
(:Summary: Arkansas Charging Order Statutes And Opinions:)
(:description Arkansas Charging Order Statutes And Opinions:)
(:keywords Arkansas, charging order:)
(:linebreaks:)
[[!state]]
[[<<]]
[[<<]]
TEXT
[[<<]]
[[<<]]
----
!!Arkansas Charging Order Opinions

UNLINKED

(:pagelist link=Category.Arkansas list=normal:).