Opinion ID: 2537285
Heading Depth: 2
Heading Rank: 3

Heading: Generally Available Creditor's Remedy of Levy and Sale under Execution

Text: Section 56.061, Florida Statutes (2008), provides that various categories of real and personal property, including stock in corporations, shall be subject to levy and sale under execution. A similar provision giving judgment creditors a remedy against a judgment debtor's ownership interest in a corporation has been a part of the law of Florida since 1889. See ch. 3917, Laws of Fla. (1889) (That shares of stock in any corporation incorporated by the laws of this State shall be subject to levy of attachments and executions, and to sale under executions on judgments or decrees of any court in this State.). An LLC is a type of corporate entity, and an ownership interest in an LLC is personal property that is reasonably understood to fall within the scope of corporate stock. The general rule is that where one has any `interest in property which he may alien or assign, that interest, whether legal or equitable, is liable for the payment of his debts.' Bradshaw v. Am. Advent Christian Home & Orphanage, 145 Fla. 270, 199 So. 329, 332 (1940) (quoting Croom v. Ocala Plumbing & Electric Co., 62 Fla. 460, 57 So. 243, 245 (1911)). At no point have the appellants contended that section 56.061 does not by its own terms extend to an ownership interest in an LLC or that the order challenged in the Eleventh Circuit did not comport with the requirements of section 56.061. Instead, they rely solely on the contention that the Legislature adopted the charging order remedy as an exclusive remedy, supplanting section 56.061.