2025 New York Laws
PTR - Partnership
Article 5 - Property Rights of a Partner.
54 - Partner's Interest Subject to Charging Order.

§  54.  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.  Upon
such application or upon the granting of an order attaching the interest
of  the  debtor  partner  before  judgment,  the court 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 one or more of the partners, or
  (b) 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.
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.