Message from Lou Conti, chair of the Legislation Committee
I wanted you to focus on the attached proposed changes to the charging lien provisions of the partnership (GPs and LLPs) and LLC laws which are being pushed by the RPPTL section.
The proposed changes would essentially limit remedies of creditors of partners of GPs and LLPs and members of LLCs to charging liens against the partnership or LLC interests owned by the debtors, and would not permit foreclosure against such interests. For those of you who followed our work on the Limited Partnership statute in 2005, you will know that we implemented exactly that statutory scheme in Limited Partnerships. As to LLCs, the entry of a charging lien is the exclusive remedy in the Delaware statute, and is the exclusive remedy in the Uniform Revised LLC Act.
The documents are available here:
http://flabuslaw.org/index.php?//list.committees=7/1
