Oregon Charging Order Statutes And Opinions

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!!!Oregon Charging Order Statutes

* GENERAL PARTNERSHIPS: O.R.S. § 67.205. Partner's transferable interest subject to charging order

* LIMITED PARTNERSHIPS: O.R.S. § 70.295. Rights of creditor

* LIMITED LIABILITY COMPANIES: O.R.S. § 63.259. Judgment creditor's rights against member

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!!!GENERAL PARTNERSHIPS

 

O.R.S. § 67.205. 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 that 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 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

 

O.R.S. § 70.295. Rights of creditor

 

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 the partner's partnership interest.

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!!!LIMITED LIABILITY COMPANIES

 

O.R.S. § 63.259. Judgment creditor's rights against member

 

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 shall not deprive any member of the benefit of any exemption laws applicable to the member's membership interest.
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