[§425E-703]  Rights of creditors ofpartners or transferees.  (a)  On application to a court ofcompetent jurisdiction by any judgment creditor of a partner or transferee, thecourt may charge the transferable interest of the judgment debtor with payment ofthe unsatisfied amount of the judgment with interest.  To the extent socharged, the judgment creditor has only the rights of a transferee.  The courtmay appoint a receiver of the share of the distributions due or to become dueto the judgment debtor in respect of the partnership and make all other orders,directions, accounts, and inquiries the judgment debtor might have made orwhich the circumstances of the case may require to give effect to the chargingorder.

(b)  A charging order constitutes a lien on thejudgment debtor's transferable interest.  The court may order a foreclosureupon the interest subject to the charging order at any time.  The purchaser atthe foreclosure sale has the rights of a transferee.

(c)  At any time before foreclosure, aninterest charged may be redeemed:

(1)  By the judgment debtor;

(2)  With property other than limited partnershipproperty, by one or more of the other partners; or

(3)  With limited partnership property, by the limitedpartnership with the consent of all partners whose interests are not socharged.

(d)  This chapter shall not deprive any partneror transferee of the benefit of any exemption laws applicable to the partner'sor transferee's transferable interest.

(e)  This section provides the exclusive remedyby which a judgment creditor of a partner or transferee may satisfy a judgmentout of the judgment debtor's transferable interest. [L 2003, c 210, pt of §1]