District of Columbia Charging Order Statutes And Opinions

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!!!District of Columbia Charging Order

* GENERAL PARTNERSHIPS: DC ST § 29-605.04. Partner's transferable interest subject to charging order.

* LIMITED PARTNERSHIPS: DC ST § 29-707.03. Charging order.

* LIMITED LIABILITY COMPANIES: DC ST § 29-805.03. Charging order.

* LIMITED COOPERATIVE ASSOCIATIONS: DC ST § 29-1006.05. Charging order.

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!!!GENERAL PARTNERSHIPS

 

DC ST § 29-605.04. 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 which the circumstances of the case may require.

 

(b) A charging order shall constitute 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 shall have 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 so charged.

 

(d) This chapter shall 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

 

DC ST § 29-707.03. Charging order.

 

(a) On application by a judgment creditor of a partner or transferee, the Superior Court may enter a charging order against the transferable interest of the judgment debtor for the unsatisfied amount of the judgment. A charging order constitutes a lien on a judgment debtor's transferable interest and requires the limited partnership to pay over to the person to which the charging order was issued any distribution that otherwise would be paid to the judgment debtor.

 

(b) To the extent necessary to effectuate the collection of distributions pursuant to a charging order in effect under subsection (a) of this section, the Superior Court may:

 

(1) Appoint a receiver of the distributions subject to the charging order, with the power to make all inquiries the judgment debtor might have made; and

 

(2) Make all other orders necessary to give effect to the charging order.

 

(c) Upon a showing that distributions under a charging order will not pay the judgment debt within a reasonable time, the Superior Court may foreclose the lien and order the sale of the transferable interest. The purchaser at the foreclosure sale obtains only the transferable interest, does not thereby become a partner, and is subject to § 29-707.02.

 

(d) At any time before foreclosure under subsection (c) of this section, the partner or transferee whose transferable interest is subject to a charging order under subsection (a) of this section may extinguish the charging order by satisfying the judgment and filing a certified copy of the satisfaction with the Superior Court.

 

(e) At any time before foreclosure under subsection (c) of this section, a limited partnership or one or more partners whose transferable interests are not subject to the charging order may pay to the judgment creditor the full amount due under the judgment and thereby succeed to the rights of the judgment creditor, including the charging order.

 

(f) This chapter does not deprive any partner or transferee of the benefit of any exemption law applicable to the transferable interest of the partner or transferee.

 

(g) This section provides the exclusive remedy by which a person seeking to enforce a judgment against a partner or transferee may, in the capacity of a judgment creditor, satisfy the judgment from the judgment debtor's transferable interest.

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!!!LIMITED LIABILITY COMPANIES

 

DC ST § 29-805.03. Charging order.

 

(a) On application by a judgment creditor of a member or transferee, the Superior Court may enter a charging order against the transferable interest of the judgment debtor for the unsatisfied amount of the judgment. Except as otherwise provided in subsection (f) of this section, a charging order constitutes a lien on a judgment debtor's transferable interest and requires the limited liability company to pay over to the person to which the charging order was issued any distribution that would otherwise be paid to the judgment debtor.

 

(b) To the extent necessary to effectuate the collection of distributions pursuant to a charging order in effect under subsection (a) of this section, the Superior Court may:

 

(1) Appoint a receiver of the distributions subject to the charging order, with the power to make all inquiries the judgment debtor might have made; and

 

(2) Make all other orders necessary to give effect to the charging order.

 

(c) Upon a showing that distributions under a charging order will not pay the judgment debt within a reasonable time, the Superior Court may foreclose the lien and order the sale of the transferable interest. Except as otherwise provided in subsection (f) of this section, the purchaser at the foreclosure sale shall obtain the transferable interest, shall not thereby become a member, and shall be subject to § 29-805.02.

 

(d) At any time before foreclosure under subsection (c) of this section, the member or transferee whose transferable interest is subject to a charging order under subsection (a) of this section may extinguish the charging order by satisfying the judgment and filing a certified copy of the satisfaction with the Superior Court.

 

(e) At any time before foreclosure under subsection (c) of this section, a limited liability company or one or more members whose transferable interests are not subject to the charging order may pay to the judgment creditor the full amount due under the judgment and thereby succeed to the rights of the judgment creditor, including the charging order.

 

(f) If a court orders foreclosure of a charging order lien against the sole member of a limited liability company:

 

(1) The court shall confirm the sale;

 

(2) The purchaser at the sale obtains the member's entire interest, not only the member's transferable interest;

 

(3) The purchaser thereby becomes a member; and

 

(4) The person whose interest was subject to the foreclosed charging order is dissociated as a member.

 

(g) This chapter shall not deprive any member or transferee of the benefit of any exemption laws applicable to the member's or transferee's transferable interest.

 

(h) This section provides the exclusive remedy by which a person seeking to enforce a judgment against a member or transferee may, in the capacity of judgment creditor, satisfy the judgment from the judgment debtor's transferable interest.

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!!!LIMITED COOPERATIVE ASSOCIATIONS

 

DC ST § 29-1006.05. Charging order.

 

(a) On application by a judgment creditor of a member or transferee, a court may enter a charging order against the financial rights of the judgment debtor for the unsatisfied amount of the judgment. Except as otherwise provided in subsection (b) of this section, a charging order constitutes a lien on the judgment debtor's financial rights and require the limited cooperative association to pay over to the person to whom the charging order was issued any distribution that would otherwise be paid to the judgment debtor.

 

(b) To the extent necessary to effectuate the collection of distributions pursuant to a charging order under subsection (a) of this section, the court may:

 

(1) Appoint a receiver of the distributions subject to the charging order with the power to make all inquiries the judgment debtor might have made; and

 

(2) Make all other orders necessary to give effect to the charging order.

 

(c) Upon a showing that distributions under a charging order will not pay the judgment debt within a reasonable time, the court may foreclose the lien and order the sale of the financial rights. Except as otherwise provided in subsection (f) of this section, the purchaser at the foreclosure sale shall obtain only the financial rights that are subject to the charging order, shall not thereby become a member, and shall be subject to § 29-1006.03.

 

(d) At any time before a foreclosure under subsection (c) of this section, a member or transferee whose financial rights are subject to a charging order under subsection (a) of this subsection may extinguish the charging order by satisfying the judgment and filing a certified copy of the satisfaction with the court that issued the charging order.

 

(e) At any time before foreclosure under subsection (c) of this section, the limited cooperative association or one or more members whose financial rights are not subject to the charging order may pay to the judgment creditor the full amount due under the judgment and thereby succeed to the rights of the judgment creditor, including the charging order.

 

(f) If a court forecloses a charging order lien against the sole member of a limited cooperative association:

 

(1) The court shall confirm the sale;

 

(2) The purchaser at the sale obtains the member's entire interest, not only the member's financial rights;

 

(3) The purchaser thereby becomes a member; and

 

(4) The person whose interest was subject to the foreclosed charging order is dissociated as a member.

 

(g) This chapter shall not deprive any member or transferee of the benefit of any exemption laws applicable to the member's or transferee's financial rights.

 

(h) This section provides the exclusive remedy by which a person seeking to enforce a judgment against a member or transferee, in the capacity of judgment creditor, may satisfy the judgment from the member's or transferee's financial rights.
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!!!District of Columbia Charging Order Opinions


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(:title District of Columbia Charging Order Statutes And Opinions:)
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!!District of Columbia Charging Order Opinions

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