Iowa Charging Order Statutes And Opinions

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!!!Iowa Charging Order Statutes

* GENERAL PARTNERSHIPS: I.C. § 486A.504. Partner's transferable interest subject to charging order

* LIMITED PARTNERSHIPS: I.C. § 488.703. Rights of creditor of partner or transferee

* LIMITED LIABILITY COMPANIES: I.C. § 489.503. Charging order

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!!!GENERAL PARTNERSHIPS

 

I.C. § 486A.504. Partner's transferable interest subject to charging order

 

1. 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.

 

2. 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.

 

3. At any time before foreclosure, an interest charged may be redeemed by or with any of the following:

 

a. By the judgment debtor.

 

b. With property other than partnership property, by one or more of the other partners.

 

c. 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.

 

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

 

5. 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

 

I.C. § 488.703. Rights of creditor of partner or transferee

 

1. On application to a court of competent jurisdiction by any judgment creditor of a partner or transferee, the court may charge the transferable interest of the judgment debtor with payment of the unsatisfied amount of the judgment with interest. To the extent so charged, the judgment creditor has only the rights of a transferee. The court may appoint a receiver of the share of the distributions due or to become due 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 to give effect to the charging order.

 

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

 

3. At any time before foreclosure, an interest charged may be redeemed by any of the following:

 

a. By the judgment debtor.

 

b. With property other than limited partnership property, by one or more of the other partners.

 

c. With limited partnership property, by the limited partnership with the consent of all partners whose interests are not so charged.

 

4. This chapter does not deprive any partner or transferee of the benefit of any exemption laws applicable to the partner's or transferee's transferable interest.

 

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

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!!!LIMITED LIABILITY COMPANIES

 

I.C. § 489.503. Charging order

 

1. On application by a judgment creditor of a member or transferee, a 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 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.

 

2. To the extent necessary to effectuate the collection of distributions pursuant to a charging order in effect under subsection 1, the court may do all of the following:

 

a. Appoint a receiver of the distributions subject to the charging order, with the power to make all inquiries the judgment debtor might have made.

 

b. Make all other orders necessary to give effect to the charging order.

 

3. 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 transferable interest. The purchaser at the foreclosure sale only obtains the transferable interest, does not thereby become a member, and is subject to section 489.502.

 

4. At any time before foreclosure under subsection 3, the member or transferee whose transferable interest is subject to a charging order under subsection 1 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.

 

5. At any time before foreclosure under subsection 3, 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.

 

6. This chapter does not deprive any member or transferee of the benefit of any exemption laws applicable to the member's or transferee's transferable interest.

 

7. 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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