Tom Rutledge has already pointed out that SB 1442 pre-emptsSection 9.406 and 9.408 of the Texas UCC. Sections 40 and 53 of the bill go even further, and adds language that prohibits the foreclosure of a "charging order lien", whether "under this code or any other law," for ownership interests in LLCs and in limited partnerships. Tex. Bus. Org. Code ยงยง 101.112(c) & 153.256(c) (emphasis added).
posted by Gary Rosin
revised 06/19/2009