Rhode Island Charging Order Statutes And Opinions

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!!!Rhode Island Charging Order

* GENERAL PARTNERSHIPS: R.I. Gen.Laws § 7-12-39. Partner's interest subject to charging order

* LIMITED PARTNERSHIPS: R.I. Gen.Laws § 7-13-41. Rights of creditor

* LIMITED LIABILITY COMPANIES: R.I. Gen.Laws § 7-16-37. Rights of judgment creditor

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!!!GENERAL PARTNERSHIPS

 

R.I. Gen.Laws § 7-12-39. Partner's interest subject to charging order

 

(a) On due application to the superior court by any judgment creditor of a partner, the court may charge the interest of the debtor partner with payment of the unsatisfied amount of the judgment debt with interest on it; and may then or later appoint a receiver of his or her share of the profits, and of any other money due, or to fall due, to him or her in respect of the partnership, and make all other orders, directions, accounts, and inquiries that the debtor partner might have made, or that the circumstances of the case require.

 

(b) 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 causing a dissolution:

 

(1) With separate property, by any one or more of the partners; or

 

(2) 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.

 

(c) Nothing in §§ 7-12-12 -- 7-12-55 deprives a partner of his or her right, if any, under the exemption laws, regarding his interest in the partnership.

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!!!LIMITED PARTNERSHIPS

 

R.I. Gen.Laws §  7-13-41. 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 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 or her partnership interest.

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!!!LIMITED LIABILITY COMPANIES

 

R.I. Gen.Laws § 7-16-37. Rights of judgment creditor

 

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 judgment with interest. To the extent 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 that member's membership interest.
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(:title Rhode Island Charging Order Statutes And Opinions:)
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