Homestead is found in 3 different contexts under the Florida Constitution: (i) taxation in Article VII, Section 6; (ii) creditor protection in Article X, Section 4(a) and (b); and (iii) devise and descent in Article X, Section 4(c). This post follows my post on taxation and brings us to creditor protection.
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I previously wrote about the Florida Supreme Court’s decision in Olmstead v. Federal Trade Commission, in which the Court set forth detailed reasoning as to why a judgment debtor’s interest in a single-member LLC should be subject to levy in addition to the imposition of a charging order.
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A recent Florida Supreme Court ruling in the case Olmstead v. Federal Trade Commission, SC08-1009 (Fla. June 24, 2010), has significantly changed the asset protection afforded to single member limited liability companies under Florida law. Previously, a judgment creditor was limited by Fla. Stat. 608.433(4), which provided that a judgment creditor may charge the LLC membership interest of the debtor,
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