On application to a court of competent jurisdiction by any judgment creditor of a member, the court may charge the member's financial rights with payment of the unsatisfied amount of the judgment with interest. To the extent so charged, the judgment creditor has only the rights of an assignee of the member's financial rights under § 43-38-503. This section does not deprive any member or assignee of financial rights of the benefit of any exemption laws applicable to the membership interest. This section is the sole and exclusive remedy of a judgment creditor with respect to the judgment debtor's membership interest.
Structure 2021 Tennessee Code
Title 43 - Agriculture and Horticulture
Chapter 38 - Tennessee Processing Cooperative Law
§ 43-38-505. Restrictions on Assignment of Governance Rights
§ 43-38-506. When Assignment of Financial and Governance Rights Effective
§ 43-38-507. Judgment Creditors of Members
§ 43-38-514. Failure to Receive Notice
§ 43-38-521. Proxy Voting Prohibited
§ 43-38-525. Representative of the Cooperative at Meetings of Cooperative Owned Business Entities