Asked by Susan Hudak on May 16, 2024
Verified
A judicial lien against a partner's transferable interest in a partnership is known as:
A) a legal aggregate.
B) a delegation of assets.
C) a charging order.
D) an assignment.
Judicial Lien
A legal claim or hold on a debtor's property, granted by a court judgment, to ensure the payment of a debt or obligation.
Charging Order
A legal remedy granted by a court to a creditor, allowing them to claim the debtor's interest in a partnership or limited liability company to satisfy the debt.
- Comprehend the importance and hazards associated with partnership property, along with its effects on the partnership entity and the partners individually.
Verified Answer
BP
Blessin PremyMay 17, 2024
Final Answer :
C
Explanation :
A charging order is a judicial lien against a partner's transferable interest in a partnership, allowing a creditor to access the debtor's interest in the partnership profits and assets without dissolving the partnership.
Learning Objectives
- Comprehend the importance and hazards associated with partnership property, along with its effects on the partnership entity and the partners individually.