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  1. #1
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    Oct 2013
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    Question Business Partnership Property Exemptions in Florida

    My question involves collection proceedings in the State of: florida
    I've found many references that business partnership property can be exempt from judgement collections if one party of the partnership is not subject to the judgement. However, my need is for a florida statute reference so i can site it in a court hearing.
    also, the judgement is on me not my partner. is he the one who has to claim the exemption or can i claim the exemption?

  2. #2
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    Default Re: Business Partnership Property Exemptions in Florida

    Please do a better job explaining the factual context.

  3. #3
    Join Date
    Sep 2013
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    Default Re: Business Partnership Property Exemptions in Florida

    Quote Quoting cbwardsr
    View Post
    My question involves collection proceedings in the State of: florida
    I've found many references that business partnership property can be exempt from judgement collections if one party of the partnership is not subject to the judgement. However, my need is for a florida statute reference so i can site it in a court hearing.
    also, the judgement is on me not my partner. is he the one who has to claim the exemption or can i claim the exemption?
    There is no "exemption". The way a judgment can be enforced is through a charging order. Note the statute says this is the sole remedy in such a situation as yours.
    620.8504 Partner’s transferable interest subject to charging order.—(1) Upon application by a judgment creditor of a partner or of a partner’s transferee, a court having jurisdiction may charge the transferable interest of the judgment debtor to satisfy the judgment. The court may appoint a receiver of the share of the distributions due or to become due to the judgment debtor in respect of the partnership and make all other orders, directions, accounts, and inquiries the judgment debtor might have made or which the circumstances of the case may require.
    (2) A charging order constitutes a lien on the judgment debtor’s transferable interest in the partnership. The court may order a foreclosure of the interest subject to the charging order at any time. The purchaser at the foreclosure sale has the rights of a transferee.
    (3) At any time before foreclosure, an interest charged may be redeemeda) By the judgment debtor;
    (b) With property other than partnership property, by one or more of the other partners; or
    (c) With partnership property, by one or more of the other partners with the consent of all of the partners whose interests are not so charged.

    (4) This act does not deprive a partner of a right under exemption laws with respect to the partner’s interest in the partnership.
    (5) This section provides the exclusive remedy by which a judgment creditor of a partner or partner’s transferee may satisfy a judgment out of the judgment debtor’s transferable interest in the partnership.

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