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New Jersey Charging Order Statutes And Opinions
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!!!New Jersey Charging Order
* GENERAL PARTNERSHIPS: N.J.S. 42:1A-30. Partner's transferable interest subject to charging order
* LIMITED PARTNERSHIPS: N.J.S. 42:2A-48. Rights of judgment creditor of a partner
* LIMITED LIABILITY COMPANIES: N.J.S. 42:2C-43. Rights of judgment creditor of a member
* GENERAL PARTNERSHIPS: N.J.S. 42:1A-30. Partner's transferable interest subject to charging order
* LIMITED PARTNERSHIPS: N.J.S. 42:2A-48. Rights of judgment creditor of a partner
* LIMITED LIABILITY COMPANIES: N.J.S. 42:2C-43. Rights of judgment creditor of a member
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!!!GENERAL PARTNERSHIPS
N.J.S. 42:1A-30. 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 order charging the transferable interest of a partner or of a partner's transferee shall be the sole remedy of a judgment creditor, who shall have no right under this act or any other State law to interfere with the management or to force dissolution of the partnership or to seek an order of the court requiring a foreclosure sale of the transferable interest. 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 constitutes a right to receive distributions made with respect to the judgment debtor's transferable interest in the partnership.
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 act 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
N.J.S. 42:2A-48. Rights of judgment creditor of a partner
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. This chapter does not deprive any partner of the benefit of any exemption laws applicable to his partnership interest.
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!!!LIMITED LIABILITY COMPANIES
N.J.S. 42:2C-43. Rights of judgment creditor of a member
On application by a judgment creditor of a member, a court may charge the transferable interest of the member 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 limited liability company interest. An action by a court pursuant to this section does not deprive any member of the benefit of any exemption laws applicable to his transferable interest. A court order charging the transferable interest of a member pursuant to this section shall be the sole remedy of a judgment creditor, who shall have no right under 42:2C-1 et seq. or any other State law to interfere with the management or force dissolution of a limited liability company or to seek an order of the court requiring a foreclosure sale of the transferable interest. Nothing in this section shall be construed to affect in any way the rights of a judgment creditor of a member under federal bankruptcy or reorganization laws.
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!!!New Jersey Charging Order Opinions
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