Legislation
SECTION 54
Partner's interest subject to charging order
Partnership (PTR) CHAPTER 39, ARTICLE 5
§ 54. Partner's interest subject to charging order. 1. On due
application to a competent court by any judgment creditor of a partner,
the court which entered the judgment, order, or decree, or any other
court, may charge the interest of the debtor partner with payment of the
unsatisfied amount of such judgment debt with interest thereon. Upon
such application or upon the granting of an order attaching the interest
of the debtor partner before judgment, the court may then or later
appoint a receiver of his share of the profits, and of any other money
due or to fall due to him in respect of the partnership, and make all
other orders, directions, accounts and inquiries which the debtor
partner might have made, or which the circumstances of the case may
require.
2. The interest charged may be redeemed at any time before
foreclosure, or in case of a sale being directed by the court may be
purchased without thereby causing a dissolution:
(a) With separate property, by any one or more of the partners, or
(b) With partnership property, by any one or more of the partners with
the consent of all the partners whose interests are not so charged or
sold.
3. Nothing in this act shall be held to deprive a partner of his
right, if any, under the exemption laws, as regards his interest in the
partnership.
application to a competent court by any judgment creditor of a partner,
the court which entered the judgment, order, or decree, or any other
court, may charge the interest of the debtor partner with payment of the
unsatisfied amount of such judgment debt with interest thereon. Upon
such application or upon the granting of an order attaching the interest
of the debtor partner before judgment, the court may then or later
appoint a receiver of his share of the profits, and of any other money
due or to fall due to him in respect of the partnership, and make all
other orders, directions, accounts and inquiries which the debtor
partner might have made, or which the circumstances of the case may
require.
2. The interest charged may be redeemed at any time before
foreclosure, or in case of a sale being directed by the court may be
purchased without thereby causing a dissolution:
(a) With separate property, by any one or more of the partners, or
(b) With partnership property, by any one or more of the partners with
the consent of all the partners whose interests are not so charged or
sold.
3. Nothing in this act shall be held to deprive a partner of his
right, if any, under the exemption laws, as regards his interest in the
partnership.