## ChargingOrder.com | Site / Alaska Charging Order Statutes And Opinions | History

Alaska Charging Order Statutes And Opinions

Site.StateAlaska History

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* GENERAL PARTNERSHIPS: AS § 32.06.504. Partner's transferable interest subject to charging order

* LIMITED PARTNERSHIPS: AS § 32.11.340. Rights of creditor

* LIMITED LIABILITY COMPANIES: AS § 10.50.380. Rights of judgment creditors

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!!!GENERAL PARTNERSHIPS

 

AS § 32.06.504. Partner's transferable interest subject to charging order

 

(a) On application by a judgment creditor of a partner or of a partner's transferee, a court having jurisdiction may charge the transferable interest of the judgment debtor to satisfy the judgment. The court may appoint a receiver of the share of the distributions due or to become due to the judgment debtor in respect of the partnership and make all other orders, directions, accounts, and inquiries the judgment debtor might have made or that the circumstances of the case may require.

 

(b) A charging order constitutes a lien on the judgment debtor's transferable interest in the partnership. The court may order a foreclosure of the interest subject to the charging order at any time. The purchaser at the foreclosure sale has the rights of a transferee.

 

(c) At any time before foreclosure, an interest charged may be redeemed

 

(1) by the judgment debtor;

 

(2) with property other than partnership property by one or more of the other partners; or

 

(3) with partnership property by one or more of the other partners with the consent of all of the partners whose interests are not charged.

 

(d) This chapter does not deprive a partner of a right under exemption laws with respect to the partner's interest in the partnership.

 

(e) This section provides the exclusive remedy by which a judgment creditor of a partner or partner's transferee may satisfy a judgment out of the judgment debtor's transferable interest in the partnership.

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!!!LIMITED PARTNERSHIPS

 

AS § 32.11.340. Rights of creditor

 

(a) On application to a court of competent jurisdiction by a judgment creditor of a partner, the court may charge the partnership interest of the partner with payment of the unsatisfied amount of the judgment with interest. To the extent charged, the judgment creditor has only the rights of an assignee of the partnership interest. This chapter does not deprive a partner of the benefit of an exemption law applicable to the partner's partnership interest.

 

(b) This section provides the exclusive remedy that a judgment creditor of a general or limited partner or of the general or limited partner's assignee may use to satisfy a judgment out of the judgment debtor's interest in the partnership. Other legal or equitable remedies, including foreclosure on the general or limited partner's partnership interest and a court order for directions, accounts, and inquiries that the debtor general or limited partner might have made, are not available to the judgment creditor attempting to satisfy the judgment out of the judgment debtor's interest in the limited partnership and may not be ordered by a court.

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!!!LIMITED LIABILITY COMPANIES

 

AS § 10.50.380. Rights of judgment creditors

 

(a) If a judgment creditor of a limited liability company member applies to a court of competent jurisdiction, the court may charge the member's limited liability company interest for payment of the unsatisfied amount of the judgment.

 

(b) To the extent a limited liability company interest is charged under (a) of this section, the judgment creditor has only the rights of an assignee of the member's interest.

 

(c) This section provides the exclusive remedy that a judgment creditor of a member or a member's assignee may use to satisfy a judgment out of the judgment debtor's interest in the limited liability company. Other legal or equitable remedies, including foreclosure on the member's limited liability company interest and a court order for directions, accounts, and inquiries that the debtor member might have made, are not available to the judgment creditor attempting to satisfy a judgment out of the judgment debtor's interest in the limited liability company and may not be ordered by a court.

 

(d) This section does not deprive a member of the benefit of an exemption applicable to the member's membership interest.

 

(e) This section applies to limited liability companies with only one member as well as to limited liability companies with more than one member.
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