[§425E-703]  Rights of creditors of
partners or transferees.  (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 shall 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. [L 2003, c 210, pt of §1]