Virginia Code 13.1-1099.10: Enforcement of claim against non-associated asset
A. As used in this section:
Terms Used In Virginia Code 13.1-1099.10
- Asset: means property:
1. See Virginia Code 13.1-1088
- Associated asset: means an asset that meets the requirements stated in § 13. See Virginia Code 13.1-1088
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Foreign protected series: means a protected series established by a foreign series limited liability company and having attributes comparable to a protected series established under Article 16 (§ 13. See Virginia Code 13.1-1002
- Foreign series limited liability company: means a foreign limited liability company having at least one foreign protected series. See Virginia Code 13.1-1002
- Non-associated asset: means :
1. See Virginia Code 13.1-1088
- Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
- Property: means all property, whether real, personal, or mixed or tangible or intangible, or any right or interest therein. See Virginia Code 13.1-1002
“Enforcement date” means 12:01 a.m. on the date on which a claimant first serves process on a series limited liability company or protected series of the series limited liability company in an action seeking to enforce under this section a claim against an asset of the series limited liability company or protected series by attachment, levy, or other action.
“Incurrence date” means, subject to subsection B of § 13.1-1099.20, the date on which a series limited liability company or protected series of the series limited liability company incurred the liability giving rise to a claim that a claimant seeks to enforce under this section.
B. If a claim against a series limited liability company or a protected series of the series limited liability company has been reduced to judgment, in addition to any other remedy provided by law or equity, the judgment may be enforced in accordance with the following rules:
1. A judgment against the series limited liability company may be enforced against an asset of a protected series of the series limited liability company if the asset:
a. Was a non-associated asset of the protected series on the incurrence date; or
b. Is a non-associated asset of the protected series on the enforcement date.
2. A judgment against a protected series may be enforced against an asset of the series limited liability company if the asset:
a. Was a non-associated asset of the series limited liability company on the incurrence date; or
b. Is a non-associated asset of the series limited liability company on the enforcement date.
3. A judgment against a protected series may be enforced against an asset of another protected series of the series limited liability company if the asset:
a. Was a non-associated asset of the other protected series on the incurrence date; or
b. Is a non-associated asset of the other protected series on the enforcement date.
C. In addition to any other remedy provided by law or equity, if a claim against a series limited liability company or a protected series of the series limited liability company has not been reduced to a judgment and law other than this article permits a prejudgment remedy by attachment, levy, or other action, the court may apply subsection B as a prejudgment remedy.
D. In a proceeding under this section, the party asserting that an asset is or was an associated asset of a series limited liability company or a protected series of the series limited liability company has the burden of proof on the issue.
E. This section applies to an asset of a foreign series limited liability company or foreign protected series of the foreign series limited liability company if:
1. The asset is real or tangible property located in the Commonwealth;
2. The claimant is a resident of the Commonwealth or transacting business or registered to transact business in the Commonwealth, or the claim under this section is to enforce a judgment, or to seek a pre-judgment remedy, pertaining to a liability arising from law of the Commonwealth other than this article or an act or omission in the Commonwealth; and
3. The asset is not identified in the records of the foreign series limited liability company or foreign protected series of the foreign series limited liability company in a manner comparable to the manner required by § 13.1-1099.2.
2019, c. 636.