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2018 Georgia Code 14-11-501 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 14-11-501 Case Law from Google Scholar Amendments to OCGA 14-11-501

TITLE 14 CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS

Section 11. Limited Liability Companies, 14-11-100 through 14-11-1109.

ARTICLE 5 LIMITED LIABILITY COMPANY INTERESTS; ADMISSION OF MEMBERS

14-11-501. Nature of limited liability company interest.

  1. A limited liability company interest is personal property.A member has no interest in specific limited liability company property.
  2. An operating agreement or the articles of organization may provide that a limited liability company interest may be evidenced by a certificate issued by the limited liability company.

(Code 1981, §14-11-501, enacted by Ga. L. 1993, p. 123, § 1.)

JUDICIAL DECISIONS

Restraint on alienation.

- Agreement which allowed a sanitation company that sold one of its divisions to a limited liability company (LLC) to purchase the LLC for $500,000 less than any amount offered by a third party was an unreasonable restraint on alienation. RTS Landfill, Inc. v. Appalachian Waste Sys., LLC, 267 Ga. App. 56, 598 S.E.2d 798 (2004).

Trial court erred in finding that a member of a limited liability company (LLC) owned a parking lot owned by the LLC, as a member of a limited liability company does not own property owned by the limited liability company. Collie Concessions, Inc. v. Bruce, 272 Ga. App. 578, 612 S.E.2d 900 (2005).

Charging order did not give creditor rights against LLC assets.

- Judgment creditor did not have standing to set aside allegedly fraudulent transfers made by non-judgment debtor limited liability companies (LLCs), although the creditor had charging orders against the LLCs under O.C.G.A. § 14-11-504(a); the charging orders did not give the creditor any rights against the assets of the LLCs. The member against whom the creditor had a judgment had no interest in particular LLC property. Merrill Ranch Props., LLC v. Austell, 336 Ga. App. 722, 784 S.E.2d 125 (2016).

Cited in In re Stadler, Bankr. (Bankr. N.D. Ga. Mar. 30, 2005).

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