South Carolina § 33-41-750 Rights of creditor when partner is a judgment debtor; redemption of partner's interest.

South Carolina Statutes

§ 33-41-750 — Rights of creditor when partner is a judgment debtor; redemption of partner's interest.

South Carolina·Title 33 CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS·Ch. 41 UNIFORM PARTNERSHIP ACT

(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 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

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(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 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 chapter shall be held to deprive a partner of his right, if any, under the exemption laws, as regards his interest in the partnership.

South Carolina § 33-41-750 (Rights of creditor when partner is a judgment debtor; redemption of partner's interest.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: 1962 Code SECTION 52-55; 1952 Code SECTION 52-55; 1950 (46) 1841. ARTICLE 11 Dissolution or Winding Up SECTION 33-41-910. "Dissolution" defined. The dissolution of a partnership is the change in the relation of the partners caused by any partner ceasing to be associated in the carrying on as distinguished from the winding up of the business. HISTORY: 1962 Code SECTION 52-61; 1952 Code SECTION 52-61; 1950 (46) 1841.