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Home » Asset Protection » Nevada Law Says Charging Lien Is Exclusive Remedy Against Stock In Multi-Shareholder Nevada Corporation

Nevada Law Says Charging Lien Is Exclusive Remedy Against Stock In Multi-Shareholder Nevada Corporation

ByJon Alper July 29, 2010May 22, 2020

Nevada passed a law this year applying the charging lien remedy to stock in a multi-shareholder  Nevada corporation. Charging liens are the creditor’s remedy to attack a debtor’s interests in limited partnerships and LLCs in most states In Florida, the charging lien is a creditor’s exclusive remedy against limited partnership interests and an optional, but non-exclusive, remedy against debtor’s Florida LLC interests. Prior to the Nevada law, no state had said that judgment creditors are restricted to a charging lien , instead of levy and sale, of a debtor’s stock in a corporation.

Does the Nevada statute provide an asset protection tool for Florida debtors? There are no cases on this brand new statute, but I think the likely answer is that a Florida creditor may levy upon a Florida debtor’s stock in a Nevada corporation notwithstanding the Nevada statute stating that creditors a limited to charging liens. A levy is an action against the debtor’s stock certificate and not against the corporation. A creditor does not have to make the corporation a party in a levy proceeding, and therefore, the forum of the corporation is not controlling on the Florida remedy. I think a Florida judge will be able to permit creditors to levy upon Nevada corporate stock.

Last updated on May 22, 2020

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Jon Alper

About the Author

Jon Alper is an expert in asset protection planning for individuals and small businesses.

Book a consultation with Jon.
Jon Alper

About the Author

Jon Alper is an expert in asset protection planning for individuals and small businesses.

Book a consultation with Jon.

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      • Nevis LLC
      • Offshore Bank Accounts
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      • Deficiency Judgments
      • Fact Information Sheet
      • Head of Household
      • IRS Tax Debt
      • Not Paying Judgments
      • Statute of Limitations
      • Wage Garnishment
      • Writ of Garnishment
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      • Avoiding Probate
      • Estate Planning
      • Gun Trusts
      • Inheritance Tax
      • Irrevocable Trusts
      • Last Will and Testament
      • Living Trusts
      • Living Will
      • LGBT Estate Planning
      • Power of Attorney
      • Probate
      • Special Needs Trust
      • Trust Administration
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      • Chapter 7 Bankruptcy
      • Chapter 13 Bankruptcy
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