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ULLCA 503(g) Exemptions
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Exemption [--ULLCASection503gExemptions--]
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Exemption [[!Code]] [--ULLCASection503gExemptions--]
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(:title ULLCA 503(g) Exemptions:)
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Exemption [--ULLCASection503gExemptions--]
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!(g) This [act] does not deprive any member or transferee of the benefit of any exemption law applicable to the [[CodeTransferTransferableInterest | transferable interest]] of the member or transferee.
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!!!Reporter's Comment to Subsection (g)
->This subsection preserves otherwise applicable exemptions but does not create any. In re Foos, 405 B.R. 604, 609 (Bankr. N.D. Ohio 2009) (interpreting the comparable provision in UPA (1997) and stating, "it is clear that [the provision] does not create an exemption").
->This subsection preserves otherwise applicable exemptions but does not create any. In re Foos, 405 B.R. 604, 609 (Bankr. N.D. Ohio 2009) (interpreting the comparable provision in UPA (1997) and stating, "it is clear that [the provision] does not create an exemption").
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!!!JayNote
->The debtor's exemptions will usually be found in one of two forms: first, some states have so-called "wildcard exemptions" for a certain amount, say $10,000 or so, that allow a debtor to protect that much in property from the creditor and which could apply to the debtor's [[CodeTransferTransferableInterest | transferable interest]]; and, second, there are federal (in the form of the Federal Wage Garnishment Law ("FWGL")) and state laws that have the effect of exempting portions of a debtor's wages, and which might apply to the creditor's interception of [[CodeDistribution | distributions]] by way of a charging order, see U.S. v. Alexander. As to the latter, note that there is a dispute among LLC planners and litigators as to whether the debtor's [[CodeTransferTransferableInterest | transferable interest]] can ever be considered to be in the nature of "wages", but that is a much longer discussion.
->For court opinions discussing the interplay of exemptions and charging orders [[TopicsExemption | click here]].
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