Florida Senate - 2011                        COMMITTEE AMENDMENT
       Bill No. SB 1152
       
       
       
       
       
       
                                Barcode 526356                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/25/2011           .                                
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       The Committee on Banking and Insurance (Richter) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 124 and 125
    4  insert:
    5         (8) In the case of a limited liability company having more
    6  than one member, the remedy of foreclosure on a judgment
    7  debtor’s interest in such limited liability company or against
    8  rights to distribution from such limited liability company is
    9  not available to a judgment creditor attempting to satisfy the
   10  judgment and may not be ordered by a court.
   11         (9) This section does not limit:
   12         (a) The rights of a creditor that has been granted a
   13  consensual security interest in a limited liability company
   14  interest to pursue the remedies available to such secured
   15  creditor under other law applicable to secured creditors;
   16         (b) The principles of law and equity which affect
   17  fraudulent transfers;
   18         (c) The availability of the equitable principles of alter
   19  ego, equitable lien, or constructive trust, or other equitable
   20  principles not inconsistent with this section; or
   21         (d) The continuing jurisdiction of the court to enforce its
   22  charging order in a manner consistent with this section.
   23  
   24  ================= T I T L E  A M E N D M E N T ================
   25         And the title is amended as follows:
   26         Between lines 11 and 12
   27  insert:
   28         providing that, in the case of a multimember limited
   29         liability company, certain remedies are unavailable to
   30         a judgment creditor attempting to satisfy a judgment;
   31         prohibiting a court from ordering such remedies;
   32         providing for construction relating to secured
   33         creditor rights, specified principles of law and
   34         equity, and continuing enforcement jurisdiction of the
   35         court;