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4-32-705. Rights of judgment creditor.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-32-705. Rights of judgment creditor.
(a)(1) On application to a court of competent jurisdiction by any judgment creditor of a member, the court may charge the member's limited liability company interest with payment of the unsatisfied amount of judgment with interest.
(2) To the extent so charged, the judgment creditor has only the rights of an assignee of the member's limited liability company interest.
(3) This chapter does not deprive any member of the benefit of any exemption laws applicable to his or her limited liability company interest.
(b) Upon the filing of a charging application by a judgment creditor of a member under subdivision (a)(1) of this section and the recording of the charging application in the register of the Secretary of State as required under subsection (c) of this section, a temporary lien is created in favor of the judgment creditor against the member's membership interest in the limited liability company interest until a ruling by the court is entered on the record or the application is dismissed.
(c) The Secretary of State shall:
(1) Create a register within the Uniform Commercial Code lien filings for charging applications received under subsection (b) of this section; and
(2) Maintain the register so that the register can be searched in the same manner as the lien filings of the Uniform Commercial Code, § 4-1-101 et seq.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-32-705
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:4-32-705
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4d63df3dc790b9e21dfd924d6a0e4eced359e6b87a3ed90c09174d7f2bfcf86e
Source location: content.xml paragraph 21183
Stored source content
4-32-705. Rights of judgment creditor.
(a)(1) On application to a court of competent jurisdiction by any judgment creditor of a member, the court may charge the member's limited liability company interest with payment of the unsatisfied amount of judgment with interest.
(2) To the extent so charged, the judgment creditor has only the rights of an assignee of the member's limited liability company interest.
(3) This chapter does not deprive any member of the benefit of any exemption laws applicable to his or her limited liability company interest.
(b) Upon the filing of a charging application by a judgment creditor of a member under subdivision (a)(1) of this section and the recording of the charging application in the register of the Secretary of State as required under subsection (c) of this section, a temporary lien is created in favor of the judgment creditor against the member's membership interest in the limited liability company interest until a ruling by the court is entered on the record or the application is dismissed.
(c) The Secretary of State shall:
(1) Create a register within the Uniform Commercial Code lien filings for charging applications received under subsection (b) of this section; and
(2) Maintain the register so that the register can be searched in the same manner as the lien filings of the Uniform Commercial Code, § 4-1-101 et seq.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
4-1-101. Short titles.
(a) This subtitle may be cited as the Uniform Commercial Code.
(b) This chapter may be cited as Uniform Commercial Code — General Provisions.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-1-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-1-101. This identifies an authority to review, not proof of applicability.