(a)  On due application to the superior court by any judgment creditor of a partner, the court may charge the interest of the debtor partner with payment of the unsatisfied amount of the judgment debt with interest on it; and may then or later appoint a receiver of his or her share of the profits, and of any other money due, or to fall due, to him or her in respect of the partnership, and make all other orders, directions, accounts, and inquiries that the debtor partner might have made, or that the circumstances of the case require.

Terms Used In Rhode Island General Laws 7-12-39

  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.

(b)  The interest charged may be redeemed at any time before foreclosure, or in case of a sale being directed by the court, may be purchased without causing a dissolution:

(1)  With separate property, by any one or more of the partners; or

(2)  With partnership property, by any one or more of the partners with the consent of all the partners whose interests are not so charged or sold.

(c)  Nothing in § 7-12-12 — § 7-12-55 deprives a partner of his or her right, if any, under the exemption laws, regarding his interest in the partnership.

History of Section.
R.P.L. 1957, ch. 74, § 28.

§ 7-12-39. [Repealed effective January 1, 2023.]

History of Section.
R.P.L. 1957, ch. 74, § 28; repealed by P.L. 2022, ch. 123, § 1, effective January 1, 2023; repealed by P.L. 2022, ch. 124, § 1, effective January 1, 2023.