Kriti Ripley, LLC v. Emerald Investments
Annotate this Case
The issue before the Supreme Court in this case was one of first impression centering on the foreclosure on a member of a limited liability company's (LLC) interest under the South Carolina Uniform Limited Liability Company Act. Kriti Ripley, LLC and Emerald Investments, LLC formed Ashley River Properties II, LLC for the purpose of developing a parcel of property. Emerald made in-kind contributions for its share in Ashley River II, and Kriti contributed cash. Immediately, Emerald and its sole member, Stuart Longman, diverted and misappropriated those funds. Upon learning of Emerald and Longman's wrongdoing, Kriti and Ashley River II obtained a judgment against Emerald and Longman, and Emerald was stripped of its voting rights in and management of Ashley River II. Since then, Emerald and Longman refused to pay any amount towards the judgment and instead have engaged in a pattern of abusive litigation. Kriti and Ashley River II obtained a charging order against Emerald's interest and later moved to foreclose on that interest. The circuit court denied the motion for foreclosure. Upon review, the Supreme Court concluded that the circuit court erred in denying the motion to foreclose, finding that it failed to consider the likelihood of satisfaction of the judgment through distributions. The Court remanded the case for foreclosure and the sale of Emerald's interest in Ashley River II.
Some case metadata and case summaries were written with the help of AI, which can produce inaccuracies. You should read the full case before relying on it for legal research purposes.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.