Tennessee Code 48-249-509 – Rights of judgment creditor
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Terms Used In Tennessee Code 48-249-509
- Court: includes every court and judge having jurisdiction in the case. See Tennessee Code 48-202-101
- Financial rights: means a member's or holder's rights to:
(A) Share in profits and losses, as provided in §. See Tennessee Code 48-249-102 - holder: means a person, other than a member, owning any financial rights in an LLC. See Tennessee Code 48-249-102
- 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 that has been admitted to an LLC as a member, as provided in §. See Tennessee Code 48-249-102
- 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, which shall consist of the member's financial rights and governance rights. See Tennessee Code 48-249-102
- Person: means an individual or an entity. See Tennessee Code 48-249-102
On application to a court of competent jurisdiction by any judgment creditor of a member or holder of financial rights, 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 a transferee of such person’s financial rights under § 48-249-507. This section does not deprive any member, holder or transferee of financial rights of the benefit of any exemption laws applicable to the membership interest or financial rights. This section is the sole and exclusive remedy of a judgment creditor with respect to the judgment debtor’s membership interest or financial rights.