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New York Partnership Law Section 54 - Partner's Interest Subject To Charging Order

Legal Research Home > New York Lawyer > Partnership > New York Partnership Law Section 54 - Partner's Interest Subject To Charging Order

    § 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.

Last modified: August 9, 2006