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Committee adopts amendment to clarify charging‑order foreclosure for LLC membership liens
Summary
The Senate Insurance & Commerce Committee approved an agreed amendment to Senate Bill 319 to make explicit that a creditor holding a perfected lien against an LLC member's membership interest may foreclose on that lien; the bill as amended was then advanced from committee.
Representative John Maddox (R., District 86) presented an agreed amendment to Senate Bill 319 and said the change was made at the request of bankers who raised concerns about the original language. "It just makes it very clear that if a bank has a perfected lien against a membership interest of an LLC, then they can foreclose upon that lien," Maddox told the…
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