On application to a court of competent jurisdiction by any judgment creditor of a partner, the court may charge the partnership interest of the partner 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 article shall not deprive any partner of the benefit of any exemption laws applicable to the partner's partnership interest.
Source: L. 81: Entire article added, p. 446, § 1, effective November 1. L. 2004: Entire section amended, p. 1445, § 142, effective July 1.
ANNOTATION
Law reviews. For article, "Charging Partnership and LLC Interests To Satisfy Debts of Individuals", see 23 Colo. Law. 2743 (1994).
Entry of judgment is a prerequisite to a charging order under this section. Trial court erred in dismissing plaintiffs' request for a charging order along with other claims in complaint without first conducting an inquiry to determine the interest of individual defendant in defendant partnership. Sands v. New Age Family P'ship, Ltd., 897 P.2d 917 (Colo. App. 1995).
Applied in Yetter Well Serv., Inc. v. Cimarron Oil Co., Inc., 841 P.2d 1068 (Colo. App. 1992).