Tennessee Code 48-218-105 – Rights of judgment creditor
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Terms Used In Tennessee Code 48-218-105
- Court: includes every court and judge having jurisdiction in the case. See Tennessee Code 48-202-101
- Financial rights: means a member's rights to:
(A) Share in profits and losses as provided in §. See Tennessee Code 48-202-101 - Interest: means either or both of the following rights under the organic law of an unincorporated entity:
(A) The right to receive distributions from the entity either in the ordinary course or upon liquidation. See Tennessee Code 48-11-201 - Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Member: means a person reflected in the required records of an LLC as the owner of some governance rights of a membership interest of the LLC. See Tennessee Code 48-202-101
- Membership: means the rights and obligations a member has pursuant to a corporation's charter, bylaws and chapters 51-68 of this title. See Tennessee Code 48-51-201
- Membership interest: means a member's interest in an LLC consisting of a member's financial rights, a member's right to assign financial rights as provided in §. See Tennessee Code 48-202-101
- Person: includes individual and entity. See Tennessee Code 48-202-101
On application to a court of competent jurisdiction by any judgment creditor of a member, the court may charge such person‘s financial rights 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 such person’s financial rights under § 48-218-101. This section does not deprive any member or assignee of financial rights of the benefit of any exemption laws applicable to the membership interest. This section is the sole and exclusive remedy of a judgment creditor with respect to the judgment debtor’s membership interest.