§ 23-4-1-28 — Partner's interest subject to charging order

Indiana § 23-4-1-28

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 4: PARTNERSHIPS
• Ch. 1: Uniform Partnership Act

Text

(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; and 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 charge 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 (1) or more of the partners;
or
(b) with partnership property, by any one (1) or more of the
partners with the consent of all the 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 the exemption laws, as regards his interest in the
partnership.
Formerly: Acts 1949, c.114, s.28. As amended by P.L.34-1987,
SEC.298.