§ 9A-504. Partner's transferable interest subject to charging order
West's Annotated Code of MarylandCorporations and Associations
MD Code, Corporations and Associations, § 9A-504
§ 9A-504. 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 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 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.
(c) At any time before foreclosure, an interest charged may be redeemed:
(d) This title does not deprive a partner of a right under exemption laws with respect to the partner's interest in the partnership.
Credits
Added as Corporations and Associations § 9-504 by Acts 1997, c. 654, § 2, eff. July 1, 1998. Renumbered as Corporations and Associations § 9A-504 by Acts 1998, c. 743, § 1, eff. June 1, 1998.
MD Code, Corporations and Associations, § 9A-504, MD CORP & ASSNS § 9A-504
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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