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2018 Georgia Code 14-9-703 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 14-9-703 Case Law from Google Scholar Amendments to OCGA 14-9-703

TITLE 14 CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS

Section 9. Revised Uniform Limited Partnership Act, 14-9-100 through 14-9-1204.

ARTICLE 7 PARTNERSHIP INTERESTS

14-9-703. Rights of creditor.

  1. On application to a competent court by a judgment creditor of a partner or of any assignee of a partner, the court may charge the partnership interest of the partner or such assignee with payment of the unsatisfied amount of the judgment, with interest. To the extent so charged, the judgment creditor has only the rights of an assignee of the partnership interest. This chapter shall not deprive any partner of the benefit of any exemption laws applicable to his partnership interest.
  2. The remedy conferred by this Code section shall not be deemed exclusive of others which may exist, including, without limitation, the right of a judgment creditor to reach the interest of a partner in the partnership by process of garnishment served on the partnership.

(Code 1981, §14-9-703, enacted by Ga. L. 1988, p. 1016, § 1.)

COMMENT

Note to Georgia Revised Uniform Limited Partnership Act This section provides for creditors' rights to charge a partnership interest.

Prior Georgia Law Section 14-9A-52, which permits a limited partner's creditor to charge the interest of the limited partner, is similar, except that it permits appointment of a receiver and other necessary orders and provides for redemption of the interest with the separate property of a general partner, but not with partnership property.

Comparison With Official RULPA The section has been broadened from the official version to allow a remedy against the assignee of a partner and to provide that the charging order remedy does not preclude the availability of garnishment or other creditor remedies.

Cross-References Partner has no interest in specific partnership property: § 14-9-701. Rights of assignee of partnership interest: § 14-9-702. Garnishment generally: § 18-4-40 et seq.

JUDICIAL DECISIONS

A judgment against a limited partner does not create a lien.

- Financial payments to which a limited partner is entitled pursuant to statute or the partnership/certificate of formation is a chose in action and a judgment creditor must initiate collateral proceedings in order to attach a lien thereto. Prodigy Centers/Atlanta v. T-C Assocs., 269 Ga. 522, 501 S.E.2d 209 (1998); Gaslowitz v. Stabilis Fund I, LP, 331 Ga. App. 152, 770 S.E.2d 245 (2015).

Cited in Mahalo Invs. III, LLC v. First Citizens Bank & Trust Co., 330 Ga. App. 737, 769 S.E.2d 154 (2015).

RESEARCH REFERENCES

Am. Jur. 2d.

- 59A Am. Jur. 2d, Partnership, § 867 et seq.

C.J.S.

- 68 C.J.S., Partnership, § 601.

Cases Citing Georgia Code 14-9-703 From Courtlistener.com

Total Results: 1

Prodigy Centers/Atlanta v. T-C Associates

Court: Supreme Court of Georgia | Date Filed: 1998-06-08

Citation: 501 S.E.2d 209, 269 Ga. 522, 98 Fulton County D. Rep. 1934, 1998 Ga. LEXIS 622

Snippet: process of garnishment on the partnership. (OCGA §§ 14-9-703(a); 14-9A-52 (a); 14-8-28(a)). A judgment creditor