Charging Order

(a)On application by a judgment creditor of a member or transferee, The Superior Court of Guam may enter a charging order against the financial rights of the judgment debtor for the unsatisfied amount of the judgment. Except as otherwise provided in Subsection

(f)of this Section, a charging order constitutes a lien on the judgment debtor’s financial rights and requires the limited cooperative association to pay over to the person to which the charging order was issued any distribution that otherwise would 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 distributions subject to the charging order, with the power to make all inquiries the judgment debtor might have made; and

(2)make all other orders necessary 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. Except as otherwise provided in Subsection

(f)of this Section, 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