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New York Charging Order Statutes And Opinions
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!!!New York Charging Order
* GENERAL PARTNERSHIPS: Partnership Law § 54. Partner’s interest subject to charging order
* LIMITED PARTNERSHIPS: Partnership Law § 111. Rights of creditors of limited partner
* LIMITED LIABILITY COMPANIES: Limited Liability Company Law § 607. Rights of creditors of members
* GENERAL PARTNERSHIPS: Partnership Law § 54. Partner’s interest subject to charging order
* LIMITED PARTNERSHIPS: Partnership Law § 111. Rights of creditors of limited partner
* LIMITED LIABILITY COMPANIES: Limited Liability Company Law § 607. Rights of creditors of members
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!!!GENERAL PARTNERSHIPS
Partnership Law § 54. 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. Upon such application or upon the granting of an order attaching the interest of the debtor partner before judgment, the court may then or later appoint a receiver of his share of the profits, and of any other money due or to fall due to him 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 this act shall be held to deprive a partner of his right, if any, under the exemption laws1, as regards his interest in the partnership.
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!!!LIMITED PARTNERSHIPS
Partnership Law § 111. Rights of creditors of limited partner
(1) On due application to a court of competent jurisdiction by any judgment creditor of a limited partner, the court may charge the interest of the indebted limited partner with payment of the unsatisfied amount of the judgment debt; and may appoint a receiver, and make all other orders, directions, and inquiries which the circumstances of the case may require.
(2) The interest may be redeemed with the separate property of any general partner, but may not be redeemed with partnership property.
(3) The remedies conferred by subdivision one of this section shall not be deemed exclusive of others which may exist.
(4) Nothing in this act shall be held to deprive a limited partner of his statutory exemption.1
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!!!LIMITED LIABILITY COMPANIES
Limited Liability Company Law § 607. Rights of creditors of members
(a) On application to a court of competent jurisdiction by any judgment creditor of a member, the court may charge the membership 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 membership interest. This chapter does not deprive any member of the benefit of any exemption laws applicable to his or her membership interest.
(b) No creditor of a member 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.
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!!!New York Charging Order Opinions
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