Heard in the Court of Appeals December 10, 2013.
Counsel Amended March 4, 2014.
Montgomery County. No. 11 CVS 74. Vance Bradford Long, Judge.
Nexsen Pruet, PLLC, by M. Jay DeVaney and Brian T. Pearce, for plaintiff-appellee.
Wilson & Ratledge, PLLC, by Michael A. Ostrander, and Saffo Law Firm, P.C., by Anthony A. Saffo, for defendant-appellant.
Wilson & Ratledge, PLLC, by Mr. Michael A. Ostrander, Attorney at Law; Saffo Law Firm, P.C., by Mr. Anthony A. Saffo, Attorney at Law, for defendant-appellant.
Nexsen Pruet, PLLC, by Mr. M. Jay DeVaney, Mr. Brian T. Pearce, Attorneys at Law, for plaintiff-appellee.
HUNTER, Robert C., Judge. Judges MCGEE and ELMORE concur.
HUNTER, Robert C., Judge.
Appeal by defendant Donald J. Rhine from order entered 26 February 2013 by Judge Vance Bradford Long in Montgomery County Superior Court. Heard in the Court of Appeals 10 December 2013.
Donald J. Rhine (" defendant" ) appeals from a charging order entered in favor of First Bank (" plaintiff" ) charging defendant's membership interest in an LLC to satisfy payment of a judgment. On appeal, defendant
argues that the trial court erred by: (1) concluding that the charging order " effectuated an assignment" of defendant's membership interest in the LLC; and (2) enjoining defendant from exercising his rights as a member of the LLC and ordering that his membership rights " lie fallow" until the judgment is satisfied.
After careful review, we reverse the trial court's order and remand for entry of a new charging order consistent with this opinion.
On 7 September 2012, the trial court entered monetary judgment for plaintiff against defendant in excess of $3.5 million based on defendant's default on various loans and guaranty agreements. In an effort to collect on this judgment, plaintiff filed a motion seeking a charging order against defendant's membership interest in S& R Grandview, LLC (" the LLC" ), a limited liability company of which defendant was a member and manager. After a hearing on 18 February 2013, the trial court granted ...