[§428-504]  Rights of creditors.  (a) On application by a judgment creditor of a member of a limited liabilitycompany or a member's transferee, a court having jurisdiction may order thatthe distributional interest of the judgment debtor be used to satisfy thejudgment.  The court may appoint a receiver to carry out the provisions of thecharging order.

(b)  A charging order constitutes a lien on thejudgment debtor's distributional interest.  The court may order a foreclosureof a lien on a distributional interest subject to the charging order at anytime.  A purchaser at the foreclosure sale has the rights of a transferee.

(c)  At any time before foreclosure, adistributional interest in a limited liability company which is charged may beredeemed:

(1)  By the judgment debtor;

(2)  With property other than the company's property,by one or more of the other members; or

(3)  With the company's property, but only ifpermitted by the operating agreement.

(d)  This chapter does not affect a member'sright under exemption laws with respect to the member's distributional interestin a limited liability company.

(e)  This section provides the exclusive remedyby which a judgment creditor of a member or a transferee may satisfy a judgmentout of the judgment debtor's distributional interest in a limited liabilitycompany. [L 1996, c 92, pt of §1]