March 1, 2011

The Florida Olmstead Case and Implications

Suffolk Law Professor Carter Bishop and Louis T. M. Conti discuss the implications of the Florida Supreme Court decision in the Olmstead case. Mr. Conti is the immediate past chair of the Florida Bar Association Business Law Section, currently is chairing a drafting Task Force of representatives from various sections of The Florida Bar which has been considering a revised LLC Act in Florida, and is also  the chair of the Florida Bar Association Business Law Section “Olmstead Patch” committee that drafted Florida House Bill 253 which “cabins in” the Olmstead holding regarding foreclosure of a SMLLC interest, but precludes application to multiple member LLCs. The charging order statutes table reveals that only two other states have statutes which recently considered this matter (Wyoming precludes foreclosure but Utah authorizes foreclosure) but over 20 states have similar pre-Olmstead Florida statutory language (silence as to “exclusivity” of the charging order remedy) making this issue truly national.

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