Okla. Stat. tit. 18, § 18-441-605

transferee.

CHARGING ORDERS FOR JUDGMENT CREDITOR OF MEMBER OR TRANSFEREE.

(a) On application by a judgment creditor of a member or

transferee, a court may enter a charging order against the financial

rights of the judgment debtor for the unsatisfied amount of the

judgment. A charging order issued under this subsection constitutes

a lien on the judgment debtor’s financial rights and requires the

limited cooperative association to pay over to the creditor or

receiver, to the extent necessary to satisfy the judgment, any

distribution that would otherwise be paid to the judgment debtor.

(b) To the extent necessary to effectuate the collection of

distributions pursuant to a charging order under subsection (a) of

this section, the court may:

(1) Appoint a receiver of the share of the distributions due or

to become due to the judgment debtor under the judgment debtor’s

financial rights, with the power to make all inquiries the judgment

debtor might have made; and

(2) Make all other orders that the circumstances of the case

may require to give effect to the charging order.

(c) Upon a showing that distributions under a charging order

will not pay the judgment debt within a reasonable time, the court

may foreclose the lien and order the sale of the financial rights.

The purchaser at the foreclosure sale obtains only the financial

rights that are subject to the charging order, does not thereby

become a member, and is subject to Section 59 of this act.

(d) At any time before a sale pursuant to a foreclosure, a

member or transferee whose financial rights are subject to a

charging order under subsection (a) of this section may extinguish

the charging order by satisfying the judgment and filing a certified

copy of the satisfaction with the court that issued the charging

order.

(e) At any time before sale pursuant to a foreclosure, the

limited cooperative association or one or more members whose

financial rights are not subject to the charging order may pay to

the judgment creditor the full amount due under the judgment and

succeed to the rights of the judgment creditor, including the

charging order. Unless the organic rules otherwise provide, the

association may act under this subsection only with the consent of

all members whose financial rights are not subject to the charging

order.

(f) The Uniform Limited Cooperative Association Act of 2009

does not deprive any member or transferee of the benefit of any

Oklahoma Statutes - Title 18. Corporations Page 195

exemption laws applicable to the member’s or transferee’s financial

rights.

(g) This section provides the exclusive remedy by which a

judgment creditor of a member or transferee may satisfy the judgment

from the member’s or transferee’s financial rights.