ULLCA 503f Foreclosure of SMLLC Interest
Site.ULLCASection503fForeclosureSMLLC History
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The exclusivity of the charging order remedy was never intended to protect a judgment debtor, but rather only to protect the interests of the judgment debtor’s co-owners.
(:title Statute ~ Foreclosure On SMLLC Interest:) (:Summary: Discusses 503(f) relating to foreclosure of charging order lien against a single-member LLC interest :) (:description Discusses 503(f) relating to foreclosure of charging order lien against a single-member LLC interest:)
(:title ULLCA 503f Foreclosure of SMLLC Interest:) (:Summary: ULLCA 503f Foreclosure of SMLLC Interest:) (:description ULLCA 503f Foreclosure of SMLLC Interest:)
(:title TEXT:) (:Summary: TEXT:) (:description TEXT:) (:keywords charging order, TEXT:)
(:title Statute ~ Foreclosure On SMLLC Interest:) (:Summary: Discusses 503(f) relating to foreclosure of charging order lien against a single-member LLC interest :) (:description Discusses 503(f) relating to foreclosure of charging order lien against a single-member LLC interest:) (:keywords charging order, foreclosure, foreclosing, smllc, single member :)
Foreclosure_SMLLC SMLLC Foreclosure ULLCASection503fForeclosureSMLLC
503(f). If a court orders foreclosure of a charging order lien against the sole member of a limited liability company:
(1) the court shall confirm the sale;
(2) the purchaser at the sale obtains the member's entire interest, not only the member's transferable interest;
(3) the purchaser thereby becomes a member; and
(4) the person whose interest was subject to the foreclosed charging order is disassociated as a member.
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TEXT OPINIONS
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Reporter's Comment to § 503(f) ¶ 1.
The exclusivity of the charging order remedy was never intended to protect a judgment debtor, but rather only to protect the interests of the judgment debtor’s co-owners.
Reporter's Comment to § 503(f) ¶ 2.
Reporter's Comment to § 503(f) ¶ 3.
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FORECLOSURE OF SINGLE-MEMBER LLC OPINIONS
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