449.28 Partner's interest; subject to charging order.

235 words·~1 min read·/mi/chapter-449/449-28

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Sec. 28.

(Partner's interest subject to charging order).

(1)On due application to a competent court by any judgment creditor of a partner, the court which entered the judgment, order, or decree, or any other court, may charge the interest of the debtor partner with payment of the unsatisfied amount of such judgment debt with interest thereon; and may then or later appoint a receiver of his share of the profits, and of any other money due or to fall due to him in respect of the partnership, and make all other orders, directions, accounts and inquiries which the debtor partner might have made, or which the circumstances of the case may require;

(2)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 thereby causing a dissolution:

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

(b)With partnership property, by any 1 or more of the partners with the consent of all the partners whose interests are not so charged or sold;

(3)Nothing in this act shall be held to deprive a partner of his right, if any, under the exemption laws, as regards his interest in the partnership.

History: 1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9868 ;-- CL 1948, 449.28