LAW 633 Lecture Notes - Lecture 8: Judgment Debtor, Charging Order, Unemployment Benefits
31 May 2020
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Page 1 of 5: (k) matters of ordinary course of business shall be resolved by a majority vote of partners. Partner"s contribution may be property, services or another benefit, or a promise to do so: rupa 501. A partner is not a co-owner of partnership property and has no interest in partnership property which can be transferred, either voluntarily or involuntarily: rupa 502. A transferable interest is personal property: rupa 503. Charging order: (a) on application by a judgment creditor of a partner or transferee, a court may enter a charging order against the transferable interest of the judgment debtor for the unsatisfied amount of the judgment. Page 4 of 5 partner or transferee may satisfy the judgment from the judgment debtor"s transferable interest: fenwick v. unemployment comp. Sharing in losses/profits and right to control are highly indicative: best practice: slightly modify the form to maintain client"s goals.
