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Ohio Charging Order Statutes And Opinions
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!!!Ohio Charging Order
* GENERAL PARTNERSHIPS: R.C. § 1776.50. Charging order against economic interest.
* LIMITED PARTNERSHIPS: R.C. § 1782.41. Judgment creditor of partner.
* LIMITED LIABILITY COMPANIES: R.C. § 1705.19. Rights of creditors as to members.
* GENERAL PARTNERSHIPS: R.C. § 1776.50. Charging order against economic interest.
* LIMITED PARTNERSHIPS: R.C. § 1782.41. Judgment creditor of partner.
* LIMITED LIABILITY COMPANIES: R.C. § 1705.19. Rights of creditors as to members.
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!!!GENERAL PARTNERSHIPS
R.C. § 1776.50. Charging order against economic interest
(A) On application by a judgment creditor of a partner or of a partner’s transferee, a court having jurisdiction may charge the economic 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 constitutes a lien on the judgment debtor’s economic 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.
(C) At any time before foreclosure, an interest charged may be redeemed by any of the following:
(1) The judgment debtor;
(2) One or more of the other partners by using property other than partnership property;
(3) One or more of the other partners, with the consent of all of the partners whose interests are not so charged, by using partnership property.
(D) Nothing in this chapter deprives a partner of any 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 economic interest in the partnership.
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!!!LIMITED PARTNERSHIPS
R.C. § 1782.41. Judgment creditor of partner
(A) On application to a court of common pleas by any judgment creditor of a partner, the court may charge the partnership interest of the indebted partner with payment of the unsatisfied amount of the judgment with interest. To the extent so charged, the judgment creditor shall have only the rights of an assignee of the partnership interest.
(B) Nothing in this chapter shall be held to deprive a partner of his statutory exemption.
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!!!LIMITED LIABILITY COMPANIES
R.C. § 1705.19. Rights of creditors as to members
(A) If any judgment creditor of a member of a limited liability company applies to a court of common pleas to charge the membership interest of the member with payment of the unsatisfied amount of the judgment with interest, the court may so charge the membership interest. To the extent the membership interest is so charged, the judgment creditor has only the rights of an assignee of the membership interest as set forth in section 1705.18 of the Revised Code. Nothing in this chapter deprives a member of the member’s statutory exemption.
(B) An order charging the membership interest of a member of a limited liability company is the sole and exclusive remedy that a judgment creditor may seek to satisfy a judgment against the membership interest of a member or a member’s assignee.
(C) No creditor of a member of a limited liability company or a member’s assignee 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.
(D) A limited liability company or one or more members of a limited liability company who are not subject to a charging order entered in favor of a judgment creditor may at any time pay to the judgment creditor the full amount then still due under the judgment and by that payment succeed to the rights of that judgment creditor.
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!!!Ohio Charging Order Opinions
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(:title Ohio Charging Order Statutes And Opinions:)
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!!Ohio Charging Order Opinions
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