- Alaska Statutes.
- Title 32. Partnership
- Chapter 6. Uniform Partnership Act
- Section 504. Partner's Transferable Interest Subject to Charging Order.
previous: Section 503
. Transfer of Partner's Transferable Interest.
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. Events Causing Partner's Dissociation.
AS 32.06.504. 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 that 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
- (1) by the judgment debtor;
- (2) with property other than partnership property by one or more of the other partners; or
- (3) with partnership property by one or more of the other partners with the consent of all of the partners whose interests
are not charged.
- (d) This chapter does not deprive a partner of a right under exemption laws with respect to the partner's interest in the
- (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 transferable interest in the partnership.
Article 05. PARTNER'S DISSOCIATION
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