§ 54 — Partner's interest subject to charging order

New York § 54

• Jurisdiction: New York
• Law PTR: Partnership
• Art. 5: Property Rights of a Partner

Text

§ 54. Partner's interest subject to charging order. 1. On due\napplication to a competent court by any judgment creditor of a partner,\nthe court which entered the judgment, order, or decree, or any other\ncourt, may charge the interest of the debtor partner with payment of the\nunsatisfied amount of such judgment debt with interest thereon. Upon\nsuch application or upon the granting of an order attaching the interest\nof the debtor partner before judgment, the court may then or later\nappoint a receiver of his share of the profits, and of any other money\ndue or to fall due to him in respect of the partnership, and make all\nother orders, directions, accounts and inquiries which the debtor\npartner might have made, or which the circumstances of the case may\nrequire.\n 2. The interest charged may be redeemed at any time before\nforeclosure, or in case of a sale being directed by the court may be\npurchased without thereby causing a dissolution:\n (a) With separate property, by any one or more of the partners, or\n (b) With partnership property, by any one or more of the partners with\nthe consent of all the partners whose interests are not so charged or\nsold.\n 3. Nothing in this act shall be held to deprive a partner of his\nright, if any, under the exemption laws, as regards his interest in the\npartnership.\n