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AR SB148
Bill
Status
4/2/2019
Primary Sponsor
Bart Hester
Click for details
AI Summary
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Amends Arkansas Code § 4-32-705 to create a temporary lien when a judgment creditor files a charging application against a limited liability company member's interest.
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The temporary lien attaches to the member's membership interest in favor of the judgment creditor upon filing and recording of the charging application with the Secretary of State, and remains in effect until the court enters a ruling or dismisses the application.
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Requires the Secretary of State to create and maintain a register within the Uniform Commercial Code lien filings system for charging applications received under this section.
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The new register must be searchable in the same manner as standard Uniform Commercial Code lien filings under Arkansas Code § 4-1-101 et seq.
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Approved April 1, 2019.
Legislative Description
To Modify The Small Business Entity Tax Pass Through Act; And To Provide For A Temporary Lien At The Time A Charging Application Is Filed.
Last Action
Notification that SB148 is now Act 622
4/2/2019