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Nevada Charging Order Statutes And Opinions
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!!!Nevada Charging Order Statutes
* GENERAL PARTNERSHIPS: N.R.S. 87.280. Partner's interest subject to charging order; N.R.S. 87.4342. Transferable interest of partner subject to charging order
* LIMITED PARTNERSHIPS: N.R.S. 87A.480. Rights and remedies of creditor of partner; N.R.S. 88.535. Rights and remedies of creditor of partner
* LIMITED LIABILITY COMPANIES: N.R.S. 86.401. Rights and remedies of creditor of member
* GENERAL PARTNERSHIPS: N.R.S. 87.280. Partner's interest subject to charging order; N.R.S. 87.4342. Transferable interest of partner subject to charging order
* LIMITED PARTNERSHIPS: N.R.S. 87A.480. Rights and remedies of creditor of partner; N.R.S. 88.535. Rights and remedies of creditor of partner
* LIMITED LIABILITY COMPANIES: N.R.S. 86.401. Rights and remedies of creditor of member
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!!!GENERAL PARTNERSHIPS
N.R.S. 87.280. Partner's interest subject to charging order
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 the debtor partner’s share of the profits, and of any other money due or to fall due to the debtor partner 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 the provisions of NRS 87.010 to 87.430, inclusive, shall be held to deprive a partner of his or her right, if any, under the exemption laws, as regards the partner’s interest in the partnership.
N.R.S. 87.4342. Transferable interest of partner 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:
(a) By the judgment debtor;
(b) With property other than partnership property, by one or more of the other partners; or
(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. NRS 87.4301 to 87.4357, inclusive, 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
N.R.S. 87A.480. Rights and remedies of creditor of partner
1. On application to a court of competent jurisdiction by any 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 so charged, the judgment creditor has only the rights of an assignee of the partnership interest.
2. This section:
(a) Provides the exclusive remedy by which a judgment creditor of a partner or an assignee of a partner may satisfy a judgment out of the partnership interest of the judgment debtor. No other remedy, including, without limitation, foreclosure on the partner's partnership interest or a court order for directions, accounts and inquiries that the debtor or partner might have made, is available to the judgment creditor attempting to satisfy the judgment out of the judgment debtor's interest in the limited partnership, and no other remedy may be ordered by a court.
(b) Does not deprive any partner of the benefit of any exemption laws applicable to the partnership interest of the partner.
(c) Does not supersede any written agreement between a partner and creditor if the written agreement does not conflict with the partnership's certificate of limited partnership or partnership agreement.
N.R.S. 88.535. Rights and remedies of creditor of partner
1. On application to a court of competent jurisdiction by any 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 so charged, the judgment creditor has only the rights of an assignee of the partnership interest.
2. This section:
(a) Provides the exclusive remedy by which a judgment creditor of a partner or an assignee of a partner may satisfy a judgment out of the partnership interest of the judgment debtor. No other remedy, including, without limitation, foreclosure on the partner's partnership interest or a court order for directions, accounts and inquiries that the debtor or partner might have made, is available to the judgment creditor attempting to satisfy the judgment out of the judgment debtor's interest in the limited partnership, and no other remedy may be ordered by a court.
(b) Does not deprive any partner of the benefit of any exemption laws applicable to the partnership interest of the partner.
(c) Does not supersede any written agreement between a partner and creditor if the written agreement does not conflict with the partnership's certificate of limited partnership or partnership agreement.
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!!!LIMITED LIABILITY COMPANIES
N.R.S. 86.401. Rights and remedies of creditor of member
1. On application to a court of competent jurisdiction by any judgment creditor of a member, the court may charge the member's interest with payment of the unsatisfied amount of the judgment with interest. To the extent so charged, the judgment creditor has only the rights of an assignee of the member's interest.
2. This section:
(a) Provides the exclusive remedy by which a judgment creditor of a member or an assignee of a member may satisfy a judgment out of the member's interest of the judgment debtor, whether the limited-liability company has one member or more than one member. No other remedy, including, without limitation, foreclosure on the member's interest or a court order for directions, accounts and inquiries that the debtor or member might have made, is available to the judgment creditor attempting to satisfy the judgment out of the judgment debtor's interest in the limited-liability company, and no other remedy may be ordered by a court.
(b) Does not deprive any member of the benefit of any exemption applicable to his or her interest.
(c) Does not supersede any written agreement between a member and a creditor if the written agreement does not conflict with the limited-liability company's articles of organization or operating agreement.
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!!!Nevada Charging Order Opinions
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