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Section 42:2C-43 - Rights of judgment creditor of a member.

NJ Rev Stat § 42:2C-43 (2019) (N/A)
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42:2C-43 Rights of judgment creditor of a member.

43. Rights of Judgment Creditor of a Member.

On application by a judgment creditor of a member, a court may charge the transferable interest of the member 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 the limited liability company interest. An action by a court pursuant to this section does not deprive any member of the benefit of any exemption laws applicable to his transferable interest. A court order charging the transferable interest of a member pursuant to this section shall be the sole remedy of a judgment creditor, who shall have no right under 42:2C-1 et seq. or any other State law to interfere with the management or force dissolution of a limited liability company or to seek an order of the court requiring a foreclosure sale of the transferable interest. Nothing in this section shall be construed to affect in any way the rights of a judgment creditor of a member under federal bankruptcy or reorganization laws.

L.2012, c.50, s.43; amended 2013, c.276, s.6.

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