2006 Minnesota Statutes

321.0703 RIGHTS OF CREDITOR OF PARTNER OR TRANSFEREE.
(a) On application to a court of competent jurisdiction by any judgment creditor of a partner
or transferee, the court may charge the transferable interest of the judgment debtor with payment
of the unsatisfied amount of the judgment with interest. To the extent so charged, the judgment
creditor has only the rights of a transferee. 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 to give effect to the charging order.
(b) A charging order constitutes a lien on the judgment debtor's transferable interest. The
court may order a foreclosure upon 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 limited partnership property, by one or more of the other
partners; or
(3) with limited partnership property, by the limited partnership with the consent of all
partners whose interests are not so charged.
(d) This chapter does not deprive any partner or transferee of the benefit of any exemption
laws applicable to the partner's or transferee's transferable interest.
(e) This section provides the exclusive remedy by which a judgment creditor of a partner or
transferee may satisfy a judgment out of the judgment debtor's transferable interest.
History: 2004 c 199 art 7 s 61