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Foreclosure Of Charging Order Lien
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The confusion manifests itself in the creditor (and sometimes the court) thinking that foreclosure is of the entity itself, and not merely the charging order lien. This confusion can be substantially negated by an expanded Comment on the issue that the foreclosing creditor becomes no more than an involuntary assignee of the interest and with no greater rights. No statutory change is suggested.
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The confusion manifests itself in the creditor (and sometimes the court) thinking that foreclosure is of the entity itself, and not merely the charging order lien. In fact, the purchaser of the interest at the judicial sale merely puts the purchaser into the position of an involuntary assignee, without any management or voting rights, but now the purchaser becomes liable for the Form K-1 distributions of taxable income, i.e., no better rights than before, but now you get to pay tax too.
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2019.06.24 ... Charging Order Protection Backfires At Judicial Sale In Preservation Holdings
Preservation Holdings, LLC v. Norberg, 2019 IL App (1st) 181136 (June 14, 2019).
# [[2019IllinoisPreservationHoldings|+]] https://chargingorder.com/opinion-2019-illinois-preservation-holdings-charging-order.html
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2018.07.30 ... Judicial Foreclosure Of An Alleged Single-Member Florida LLC Fails In Saadi
# [[2018FloridaSaadi|+]] https://chargingorder.com/opinion-2018-florida-saadi-charging-order.html
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2015.02.18 ... Florida Charging Order Foreclosure Of A Nevis LLC In Barber
# [[2015FloridaBarber|+]] https://chargingorder.com/opinion-2015-florida-barber-charging-order.html
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Disalvo Properties, LLC v. Bluff View Commercial, LLC, 2015 WL 3759402 (Mo.App., 2015).
# [[2015MissouriDisalvo|+]] https://chargingorder.com/opinion-2015-missouri-disalvo-charging-order.html
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Levy v. Carolinian, LLC, 2014 WL 4347503 (S.C., 2014).
# [[2014SouthCarolinaLevy|+]] https://chargingorder.com/opinion-2014-south-carolina-levy-charging-order.html
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Kriti Ripley, LLC v. Emerald Investments, LLC, 2013 WL 3200596 (S.C., June 26, 2013).
# [[2013SouthCarolinaKritiRipleyForeclosure|+]] https://chargingorder.com/opinion-2013-south-carolina-kriti-ripley-foreclosure-charging-order.html
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Sanders v. Ohmite Holding, LLC, 2011 WL 598436 (Del.Ch., Unpublished, 2011).
# [[2011DelawareSanders|+]] https://chargingorder.com/opinion-2011-delaware-sanders-charging-order.html
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Stewart v. Lanier Park Medical Office Building, Ltd., 578 S.E.2d 572 (Ga.App., 2003).
# [[2003GeorgiaStewartForeclosureSale|+]] https://chargingorder.com/opinion-2003-georgia-stewart-foreclosure-sale-charging-order.html
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Herring v. Keasler, 563 S.E.2d 614 (N.C.App. 06/04/2002).
# [[2002NorthCarolinaForeclosure|+]] https://chargingorder.com/opinion-2002-north-carolina-herring-foreclosure-charging-order.html
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Webster v. Dalcoma Limited Partnership Four, No. CA2000-11-028 (Ohio App. Dist.12 09/17/2001).
# [[2001OhioWebsterForeclosureSale|+]] https://chargingorder.com/opinion-2001-ohio-webster-foreclosure-sale-charging-order.html
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Lauer Construction Inc. v. Schrift, 123 Md.App. 112, 716 A.2d 1096 (Md.Sp.App. 09/02/1998).
# [[1998MarylandLauerConstructionForeclosureSale|+]] https://chargingorder.com/opinion-1998-maryland-lauer-construction-foreclosure-sale-charging-order.html
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Givens v. National Loan Investors, L.P., 724 So.2d 610 (Fla.App. Dist.5 12/18/1998).
# [[1998FloridaGivensForeclosureSale|+]] https://chargingorder.com/opinion-1998-florida-givens-foreclosure-sale-charging-order.html
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Nigri v. Lotz, 453 S.E.2d 780 (Ga.App. 02/01/1995).
# [[1995GeorgiaNigriForeclosureSale|+]] https://chargingorder.com/opinion-1995-georgia-nigri-foreclosure-sale-charging-order.html
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Madison Hills LTD v. Madison Hills, Inc., 644 A.2d 363 (Conn.App. 06/06/1994).
# [[1994ConnecticutMadisonHillsForeclosureSale|+]] https://chargingorder.com/opinion-1994-connecticut-madison-hills-foreclosure-sale-charging-order.html
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Hellman v. Anderson, 233 Cal. App. 3d 840, 284 Cal. Rptr. 830 (Cal.App.Dist.3 08/26/1991).
# [[1991CaliforniaHellmanForeclosureSale|+]] https://chargingorder.com/opinion-1991-california-hellman-foreclosure-sale-charging-order.html
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2012.06.22 ... Owner Of Debtor LLC Goes To Jail For Contempt For Interfering With Foreclosure Sale
[[2012NorthCarolinaCowstone | +]
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In re Talbut, 2016 WL 937373 (N.D.Ohio, Slip Copy, 2016).
# [[2016OhioTalbut|+]] https://chargingorder.com/opinion-2016-ohio-talbut-charging-order.html
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# [[2016OhioTalbut|+]] https://chargingorder.com/opinion-2016-ohio-talbut-charging-order.html
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** [[2012NorthCarolinaCowstone | +]
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** [[2012NorthCarolinaCowstone | +]]
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** Preservation Holdings, LLC v. Norberg, 2019 IL App (1st) 181136 (June 14, 2019).
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** [[2019IllinoisPreservationHoldings|+]]
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** [[2018FloridaSaadi|+]]
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** [[2015FloridaBarber|+]]
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** [[2012NorthCarolinaCowstone | +]
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2019.06.24 ... Charging Order Protection Backfires At Judicial Sale In Preservation Holdings
Preservation Holdings, LLC v. Norberg, 2019 IL App (1st) 181136 (June 14, 2019).
# [[2019IllinoisPreservationHoldings|+]] https://chargingorder.com/opinion-2019-illinois-preservation-holdings-charging-order.html
----
2018.07.30 ... Judicial Foreclosure Of An Alleged Single-Member Florida LLC Fails In Saadi
# [[2018FloridaSaadi|+]] https://chargingorder.com/opinion-2018-florida-saadi-charging-order.html
----
2015.02.18 ... Florida Charging Order Foreclosure Of A Nevis LLC In Barber
# [[2015FloridaBarber|+]] https://chargingorder.com/opinion-2015-florida-barber-charging-order.html
----
2012.06.22 ... Owner Of Debtor LLC Goes To Jail For Contempt For Interfering With Foreclosure Sale
[[2012NorthCarolinaCowstone | +]
----
Preservation Holdings, LLC v. Norberg, 2019 IL App (1st) 181136 (June 14, 2019).
# [[2019IllinoisPreservationHoldings|+]] https://chargingorder.com/opinion-2019-illinois-preservation-holdings-charging-order.html
----
2018.07.30 ... Judicial Foreclosure Of An Alleged Single-Member Florida LLC Fails In Saadi
# [[2018FloridaSaadi|+]] https://chargingorder.com/opinion-2018-florida-saadi-charging-order.html
----
2015.02.18 ... Florida Charging Order Foreclosure Of A Nevis LLC In Barber
# [[2015FloridaBarber|+]] https://chargingorder.com/opinion-2015-florida-barber-charging-order.html
----
2012.06.22 ... Owner Of Debtor LLC Goes To Jail For Contempt For Interfering With Foreclosure Sale
[[2012NorthCarolinaCowstone | +]
----
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# [[2015MissouriDisalvo|+]] https://chargingorder.com/opinion-2015-missouri-disalvo-charging-order.html
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# [[2014SouthCarolinaLevy|+]] https://chargingorder.com/opinion-2014-south-carolina-levy-charging-order.html
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# [[2013SouthCarolinaKritiRipleyForeclosure|+]] https://chargingorder.com/opinion-2013-south-carolina-kriti-ripley-foreclosure-charging-order.html
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# [[2011DelawareSanders|+]] https://chargingorder.com/opinion-2011-delaware-sanders-charging-order.html
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# [[2003GeorgiaStewartForeclosureSale|+]] https://chargingorder.com/opinion-2003-georgia-stewart-foreclosure-sale-charging-order.html
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# [[2002NorthCarolinaForeclosure|+]] https://chargingorder.com/opinion-2002-north-carolina-herring-foreclosure-charging-order.html
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# [[2001OhioWebsterForeclosureSale|+]] https://chargingorder.com/opinion-2001-ohio-webster-foreclosure-sale-charging-order.html
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# [[1998MarylandLauerConstructionForeclosureSale|+]] https://chargingorder.com/opinion-1998-maryland-lauer-construction-foreclosure-sale-charging-order.html
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# [[1998FloridaGivensForeclosureSale|+]] https://chargingorder.com/opinion-1998-florida-givens-foreclosure-sale-charging-order.html
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# [[1995GeorgiaNigriForeclosureSale|+]] https://chargingorder.com/opinion-1995-georgia-nigri-foreclosure-sale-charging-order.html
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# [[1994ConnecticutMadisonHillsForeclosureSale|+]] https://chargingorder.com/opinion-1994-connecticut-madison-hills-foreclosure-sale-charging-order.html
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Hellman v. Anderson, 233 Cal. App. 3d 840, 284 Cal. Rptr. 830 (Cal.App.Dist.3 08/26/1991).
# [[1991CaliforniaHellmanForeclosureSale|+]] https://chargingorder.com/opinion-1991-california-hellman-foreclosure-sale-charging-order.html
----
Hellman v. Anderson, 233 Cal. App. 3d 840, 284 Cal. Rptr. 830 (Cal.App.Dist.3 08/26/1991).
# [[1991CaliforniaHellmanForeclosureSale|+]] https://chargingorder.com/opinion-1991-california-hellman-foreclosure-sale-charging-order.html
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!!!FORECLOSURE ARTICLES
* [[https://www.forbes.com/sites/jayadkisson/2019/06/24/charging-order-protection-backfires-at-judicial-sale-in-preservation-holdings/ | 2019.06.24]] ... Charging Order Protection Backfires At Judicial Sale In Preservation Holdings
** Preservation Holdings, LLC v. Norberg, 2019 IL App (1st) 181136 (June 14, 2019).
* [[https://goo.gl/JuzMCU | 2018.07.30]] ... Judicial Foreclosure Of An Alleged Single-Member Florida LLC Fails In Saadi
* [[http://www.forbes.com/sites/jayadkisson/2015/02/18/florida-charging-order-foreclosure-of-a-nevis-llc-in-barber/ | 2015.02.18]] ... Florida Charging Order Foreclosure Of A Nevis LLC In Barber
* [[http://www.forbes.com/sites/jayadkisson/2012/06/22/owner-of-debtor-llc-goes-to-jail-for-contempt-for-interfering-with-foreclosure-sale/ | 2012.06.22]] ... Owner Of Debtor LLC Goes To Jail For Contempt For Interfering With Foreclosure Sale
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(:pagelist link=Category.Foreclosure list=normal+:)
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[[!Topic]] Foreclosure
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[[!Topic]] Foreclosure [-TopicsExemption-]
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[[!topic]] Foreclosure
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[[!Topic]] Foreclosure
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[[!topic]] [[!foreclosure]]
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[[!topic]] Foreclosure
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(:title TEXT:)
(:Summary:TEXT:)
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(:keywords charging order,TEXT:)
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(:title Foreclosure Of Charging Order Lien:)
(:Summary: Foreclosure Of Charging Order Lien:)
(:description Foreclosure Of Charging Order Lien:)
(:keywords charging order, foreclosure, foreclosing, lien:)
(:Summary: Foreclosure Of Charging Order Lien:)
(:description Foreclosure Of Charging Order Lien:)
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[[!topic]] [[!TEXT]]
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[[!topic]] [[!foreclosure]]
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While foreclosures of charging order liens are very rare (because it rarely improves the creditor's position, and may in fact worsen it), when a creditor does move to foreclose there is often confusion about what happens.
The confusion manifests itself in the creditor (and sometimes the court) thinking that foreclosure is of the entity itself, and not merely the charging order lien. This confusion can be substantially negated by an expanded Comment on the issue that the foreclosing creditor becomes no more than an involuntary assignee of the interest and with no greater rights. No statutory change is suggested.
The confusion manifests itself in the creditor (and sometimes the court) thinking that foreclosure is of the entity itself, and not merely the charging order lien. This confusion can be substantially negated by an expanded Comment on the issue that the foreclosing creditor becomes no more than an involuntary assignee of the interest and with no greater rights. No statutory change is suggested.
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!!TEXT OPINIONS
(:pagelist link=Category.TEXT list=normal:)
(:pagelist link=Category.
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!!!FORECLOSURE OPINIONS
(:pagelist link=Category.foreclosure list=normal:)
(:pagelist link=Category.foreclosure list=normal:)
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Preservation Holdings, LLC v. Norberg, 2019 IL App (1st) 181136 (June 14, 2019).
In re Talbut, 2016 WL 937373 (N.D.Ohio, Slip Copy, 2016).
Disalvo Properties, LLC v. Bluff View Commercial, LLC, 2015 WL 3759402 (Mo.App., 2015).
Levy v. Carolinian, LLC, 2014 WL 4347503 (S.C., 2014).
Kriti Ripley, LLC v. Emerald Investments, LLC, 2013 WL 3200596 (S.C., June 26, 2013).
Sanders v. Ohmite Holding, LLC, 2011 WL 598436 (Del.Ch., Unpublished, 2011).
Stewart v. Lanier Park Medical Office Building, Ltd., 578 S.E.2d 572 (Ga.App., 2003).
Herring v. Keasler, 563 S.E.2d 614 (N.C.App. 06/04/2002).
Webster v. Dalcoma Limited Partnership Four, No. CA2000-11-028 (Ohio App. Dist.12 09/17/2001).
Lauer Construction Inc. v. Schrift, 123 Md.App. 112, 716 A.2d 1096 (Md.Sp.App. 09/02/1998).
Givens v. National Loan Investors, L.P., 724 So.2d 610 (Fla.App. Dist.5 12/18/1998).
Nigri v. Lotz, 453 S.E.2d 780 (Ga.App. 02/01/1995).
Madison Hills LTD v. Madison Hills, Inc., 644 A.2d 363 (Conn.App. 06/06/1994).
Hellman v. Anderson, 233 Cal. App. 3d 840, 284 Cal. Rptr. 830 (Cal.App.Dist.3 08/26/1991).
In re Talbut, 2016 WL 937373 (N.D.Ohio, Slip Copy, 2016).
Disalvo Properties, LLC v. Bluff View Commercial, LLC, 2015 WL 3759402 (Mo.App., 2015).
Levy v. Carolinian, LLC, 2014 WL 4347503 (S.C., 2014).
Kriti Ripley, LLC v. Emerald Investments, LLC, 2013 WL 3200596 (S.C., June 26, 2013).
Sanders v. Ohmite Holding, LLC, 2011 WL 598436 (Del.Ch., Unpublished, 2011).
Stewart v. Lanier Park Medical Office Building, Ltd., 578 S.E.2d 572 (Ga.App., 2003).
Herring v. Keasler, 563 S.E.2d 614 (N.C.App. 06/04/2002).
Webster v. Dalcoma Limited Partnership Four, No. CA2000-11-028 (Ohio App. Dist.12 09/17/2001).
Lauer Construction Inc. v. Schrift, 123 Md.App. 112, 716 A.2d 1096 (Md.Sp.App. 09/02/1998).
Givens v. National Loan Investors, L.P., 724 So.2d 610 (Fla.App. Dist.5 12/18/1998).
Nigri v. Lotz, 453 S.E.2d 780 (Ga.App. 02/01/1995).
Madison Hills LTD v. Madison Hills, Inc., 644 A.2d 363 (Conn.App. 06/06/1994).
Hellman v. Anderson, 233 Cal. App. 3d 840, 284 Cal. Rptr. 830 (Cal.App.Dist.3 08/26/1991).
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[[!topic]] [[!TEXT]]
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