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Ala. Code § 10A-5-6.05

Member’s Financial Rights Subject to Charging Order. Repealed in the 2014 Regular Session by Act 2014-144 Effective January 1, 2017.

Known as the Alabama Business and Nonprofit Entity Code

The act spans §§ 10A-1-1.01 to 10A-9A-9.09 (1,341 sections).

(Acts 1993, No. 93-724, p. 1425, §35; Act 97-920, 1st Ex

(a) On application to a court of competent jurisdiction by any judgment creditor of a member or assignee, the court may charge the interest of the member or assignee with payment of the unsatisfied amount of the judgment with interest. To the extent so charged, the judgment creditor has only the rights of an assignee of financial rights. This section shall be the sole and exclusive remedy of a judgment creditor with respect to the judgment debtor’s membership interest.

(b) This chapter does not deprive any member of the benefit of any exemption laws applicable to the member’s limited liability company interest.

Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.