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Delaware Charging Order Statutes And Opinions
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!!!Delaware Charging Order
* GENERAL PARTNERSHIPS: 6 Del.C. § 15-504. Partner's economic interest subject to charging order
* LIMITED PARTNERSHIPS: 6 Del.C. § 17-703. Partner's partnership interest subject to charging order
* LIMITED LIABILITY COMPANIES: 6 Del.C. § 18-703. Member's limited liability company interest subject to charging order
* GENERAL PARTNERSHIPS: 6 Del.C. § 15-504. Partner's economic interest subject to charging order
* LIMITED PARTNERSHIPS: 6 Del.C. § 17-703. Partner's partnership interest subject to charging order
* LIMITED LIABILITY COMPANIES: 6 Del.C. § 18-703. Member's limited liability company interest subject to charging order
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!!!GENERAL PARTNERSHIPS
6 Del.C. § 15-504. Partner's economic 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 economic interest of the judgment debtor to satisfy the judgment. To the extent so charged, the judgment creditor has only the right to receive any distribution or distributions to which the judgment debtor would otherwise have been entitled in respect of such economic interest.
(b) A charging order constitutes a lien on the judgment debtor's economic interest in the partnership.
(c) This chapter does not deprive a partner or a partner's transferee of a right under exemption laws with respect to the judgment debtor's economic interest in the partnership.
(d) The entry of a charging order is the exclusive remedy by which a judgment creditor of a partner or of a partner's transferee may satisfy a judgment out of the judgment debtor's economic interest in the partnership and attachment, garnishment, foreclosure or other legal or equitable remedies are not available to the judgment creditor.
(e) No creditor of a partner or of a partner's transferee shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the partnership.
(f) The Court of Chancery shall have jurisdiction to hear and determine any matter relating to any such charging order.
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!!!LIMITED PARTNERSHIPS
6 Del.C. § 17-703. Partner's partnership interest subject to charging order
(a) On application by a judgment creditor of a partner or of a partner's assignee, a court having jurisdiction may charge the partnership interest of the judgment debtor to satisfy the judgment. To the extent so charged, the judgment creditor has only the right to receive any distribution or distributions to which the judgment debtor would otherwise have been entitled in respect of such partnership interest.
(b) A charging order constitutes a lien on the judgment debtor's partnership interest.
(c) This chapter does not deprive a partner or partner's assignee of a right under exemption laws with respect to the judgment debtor's partnership interest.
(d) The entry of a charging order is the exclusive remedy by which a judgment creditor of a partner or of a partner's assignee may satisfy a judgment out of the judgment debtor's partnership interest and attachment, garnishment, foreclosure or other legal or equitable remedies are not available to the judgment creditor.
(e) No creditor of a partner or of a partner's assignee shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the limited partnership.
(f) The Court of Chancery shall have jurisdiction to hear and determine any matter relating to any such charging order.
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!!!LIMITED LIABILITY COMPANIES
6 Del.C. § 18-703. Member's limited liability company interest subject to charging order
(a) On application by a judgment creditor of a member or of a member's assignee, a court having jurisdiction may charge the limited liability company interest of the judgment debtor to satisfy the judgment. To the extent so charged, the judgment creditor has only the right to receive any distribution or distributions to which the judgment debtor would otherwise have been entitled in respect of such limited liability company interest.
(b) A charging order constitutes a lien on the judgment debtor's limited liability company interest.
(c) This chapter does not deprive a member or member's assignee of a right under exemption laws with respect to the judgment debtor's limited liability company interest.
(d) The entry of a charging order is the exclusive remedy by which a judgment creditor of a member or a member's assignee may satisfy a judgment out of the judgment debtor's limited liability company interest and attachment, garnishment, foreclosure or other legal or equitable remedies are not available to the judgment creditor, whether the limited liability company has 1 member or more than 1 member.
(e) No creditor of a member or of a member's assignee shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the limited liability company.
(f) The Court of Chancery shall have jurisdiction to hear and determine any matter relating to any such charging order.
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