Section 450.4507 - Charging membership interest with payment of judgment; rights of judgment creditor; rights and powers of member.
MICHIGAN LIMITED LIABILITY COMPANY ACT (EXCERPT)
Act 23 of 1993
450.4507 Charging membership interest with payment of judgment; rights of judgment creditor; rights and powers of member.
Sec. 507.
(1) On application to a court of competent jurisdiction by any judgment creditor of a member, the court may charge the membership interest of the member with payment of the unsatisfied amount of judgment with interest. To the extent the membership interest is so charged, the judgment creditor has only the rights of an assignee of the membership interest. This act does not deprive any member of the benefit of any exemption laws applicable to his or her membership interest.
(2) Unless otherwise provided in an operating agreement, the member remains a member and retains all rights and powers of membership except the right to receive distributions to the extent charged.
History: 1993, Act 23, Eff. June 1, 1993