(805 ILCS 206/504)
Partner's transferable interest
subject to charging order.
(a) On application by a judgment creditor of a partner or of a partner's
transferee, a court
having jurisdiction may charge the transferable interest of the judgment debtor
to satisfy the
judgment. 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
accounts, and inquiries the judgment debtor might have made or which the
circumstances of the
case may require.
(b) A charging order constitutes a lien on the judgment debtor's
transferable interest in the
partnership. The court may order a foreclosure of 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 partnership property, by
one or more of the other partners; or
(3) with partnership property, by one or more of the
other partners with the consent of all of the partners whose interests are not so charged.
(d) This Act does not deprive a partner of a right under exemption laws with
respect to the
partner's interest in the partnership.
(e) This Section provides the exclusive remedy by which a judgment creditor
of a partner or
partner's transferee may satisfy a judgment out of the judgment debtor's
transferable interest in
(Source: P.A. 92-740, eff. 1-1-03.)