48-1-25 - Partner's interest subject to charging order.
48-1-25. Partner's interest subject to charging order.
(1) On due application to a competent court by any judgment creditor of a partner thecourt which entered the judgment, order or decree, or any other court, may charge the interest ofthe debtor partner with payment of the unsatisfied amount of such judgment debt with interestthereon and may then or later appoint a receiver of his share of the profits and of any other moneydue 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 ofthe case may require.
(2) The interest charged may be redeemed at any time before foreclosure, or, in case of asale 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 allthe partners whose interests are not so charged or sold.
(3) Nothing in this chapter shall be held to deprive a partner of his right, if any, under theexemption laws as regards his interest in the partnership.
No Change Since 1953