FL S1152

Establishes that a charging order is the sole and exclusive remedy for judgment creditors to satisfy judgments against members or assignees of multimember limited liability companies.

Provides an exception for single-member LLCs: if a judgment creditor demonstrates to a court that distributions under a charging order will not satisfy the judgment within a reasonable time, the court may order a foreclosure sale of the LLC interest.

Specifies that a purchaser at a court-ordered foreclosure sale of a single-member LLC interest obtains the entire membership interest and becomes the member, while the judgment debtor ceases to be a member.

Prohibits foreclosure as a remedy against multimember LLC interests and explicitly states courts may not order such foreclosures for multimember LLCs.

Preserves the rights of secured creditors with consensual security interests, principles of law regarding fraudulent transfers, and equitable remedies such as alter ego and constructive trust; applies the amendments retroactively.