| 1 | Representative Stargel offered the following: |
| 2 |
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| 3 | Amendment (with title amendment) |
| 4 | Between lines 123 and 124, insert: |
| 5 | (8) In the case of a limited liability company having more |
| 6 | than one member, the remedy of foreclosure on a judgment |
| 7 | debtor's interest in such limited liability company or against |
| 8 | rights to distribution from such limited liability company is |
| 9 | not available to a judgment creditor attempting to satisfy the |
| 10 | judgment and may not be ordered by a court. |
| 11 | (9) Nothing in this section shall limit: |
| 12 | (a) The rights of a creditor that has been granted a |
| 13 | consensual security interest in a limited liability company |
| 14 | interest to pursue the remedies available to such secured |
| 15 | creditor under other law applicable to secured creditors; |
| 16 | (b) The principles of law and equity which affect |
| 17 | fraudulent transfers; |
| 18 | (c) The availability of the equitable principles of alter |
| 19 | ego, equitable lien, or constructive trust, or other equitable |
| 20 | principles not inconsistent with this section; or |
| 21 | (d) The continuing jurisdiction of the court to enforce |
| 22 | its charging order in a manner consistent with this section. |
| 23 |
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| 24 |
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| 25 | ----------------------------------------------------- |
| 26 | T I T L E A M E N D M E N T |
| 27 | Remove line 11 and insert: |
| 28 | circumstances; providing that, in the case of a |
| 29 | multimember limited liability company, certain remedies |
| 30 | are unavailable to a judgment creditor attempting to |
| 31 | satisfy a judgment; prohibiting a court from ordering such |
| 32 | remedies; providing construction relating to secured |
| 33 | creditor rights, specified principles of law and equity, |
| 34 | and continuing enforcement jurisdiction of the court; |
| 35 | providing legislative intent; providing for |