2011 Code of Virginia
Title 13.1 CORPORATIONS.
Chapter 12 Virginia Limited Liability Company Act (13.1-1000 thru 13.1-1080)
13.1-1041.1 Member's transferable interest subject to charging order
13.1-1041.1. Member's transferable interest subject to charging order.
A. On application by a judgment creditor of a member or of a member's assignee, a court having jurisdiction may charge the transferable interest of the judgment debtor to satisfy the judgment. To the extent so charged, the judgment creditor has only the right to receive any distribution or distributions to which the judgment debtor would otherwise have been entitled in respect of the interest.
B. A charging order constitutes a lien on the judgment debtor's transferable interest in the limited liability company.
C. This chapter does not deprive a member or a member's assignee of a right under exemption laws with respect to the judgment debtor's interest in the limited liability company.
D. The entry of a charging order is the exclusive remedy by which a judgment creditor of a member or of a member's assignee may satisfy a judgment out of the judgment debtor's transferable interest in the limited liability company.
E. No creditor of a member or of a member's assignee shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the limited liability company.
(2004, c. 601; 2006, c. 912.)
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