South Carolina Code 33-41-750. Rights of creditor when partner is a judgment debtor; redemption of partner’s interest
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(1) On due application to a competent court by any judgment creditor of a partner, the court which entered the judgment, order or decree, or any other court, may charge the interest of the debtor partner with payment of the unsatisfied amount of such judgment debt with interest thereon and may then or later appoint a receiver of his share of the profits and of any other money due or to fall due to him in respect of the partnership and make all other orders, directions, accounts and inquiries which the debtor partner might have made or which the circumstances of the case may require.
(2) 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 thereby causing a dissolution
Terms Used In South Carolina Code 33-41-750
- Court: includes every court and judge having jurisdiction in the case;
(2) "Business" includes every trade, occupation, or profession;
(3) "Bankrupt" includes a bankrupt under the Federal Bankruptcy Act or an insolvent under any state insolvent act;
(4) "Conveyance" includes every assignment, lease, mortgage, or encumbrance;
(5) "Real property" includes land and any interest or estate in land; and
(6) "Registered limited liability partnership" includes a partnership formed pursuant to an agreement governed by the laws of this State, registered under § 33-41-1110 and complying with §§ 33-41-1120 and 33-41-1130. See South Carolina Code 33-41-20 - 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.
(a) with separate property, by any one or more of the partners or
(b) 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.
(3) Nothing in this chapter shall be held to deprive a partner of his right, if any, under the exemption laws, as regards his interest in the partnership.