PARRIS N. GLENDENING, Governor

Ch. 654

(2)     TO RECEIVE UPON THE DISSOLUTION AND WINDING UP OF THE
PARTNERSHIP BUSINESS, IN ACCORDANCE WITH THE TRANSFER, THE NET AMOUNT
OTHERWISE DISTRIBUTABLE TO THE TRANSFEROR; AND

(3)     TO SEEK UNDER § 9-801(6) OF THIS TITLE A JUDICIAL
DETERMINATION THAT IT IS EQUITABLE TO WIND UP THE PARTNERSHIP BUSINESS.

(C)     IN A DISSOLUTION AND WINDING UP, A TRANSFEREE IS ENTITLED TO AN
ACCOUNT OF PARTNERSHIP TRANSACTIONS ONLY FROM THE DATE OF THE LATEST
ACCOUNT AGREED TO BY ALL OF THE PARTNERS.

(D)    UPON TRANSFER, THE TRANSFEROR RETAINS THE RIGHTS AND DUTIES
OF A PARTNER OTHER THAN THE INTEREST IN DISTRIBUTIONS TRANSFERRED.

(E)     A PARTNERSHIP NEED NOT GIVE EFFECT TO A TRANSFEREE'S RIGHTS
UNDER THIS SECTION UNTIL IT HAS NOTICE OF THE TRANSFER.

(F) A TRANSFER OF A PARTNER'S TRANSFERABLE INTEREST IN THE
PARTNERSHIP IN VIOLATION OF A RESTRICTION ON TRANSFER CONTAINED IN THE
PARTNERSHIP AGREEMENT IS INEFFECTIVE AS TO A PERSON HAVING NOTICE OF
THE RESTRICTION AT THE TIME OF TRANSFER.

9-504. 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 ORDERS, DIRECTIONS, 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 TITLE DOES NOT DEPRIVE A PARTNER OF A RIGHT UNDER
EXEMPTION LAWS WITH RESPECT TO THE PARTNER'S INTEREST IN THE
PARTNERSHIP.

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