Delaware – HB 123 (Chapter 75) amends the Revised Uniform Partnership Act on August 1

July 30, 2013

HB 123 (Chapter 75) signed by the governor June 30 and effective August 1 amends the Revised Uniform Partnership Act to confirm (i) a charging order is the sole and exclusive remedy by which a judgment creditor of a partner or a partner’s transferee may satisfy a judgment out of the judgment debtor’s economic interest and that attachment, garnishment, foreclosure or other legal or equitable remedies are not available to the judgment creditor; (ii)  in connection with a domestication, transfer, continuance or conversion, rights or securities of, or interests in, an entity that is domesticating or converting to a partnership  and rights or securities of, or interests in, a partnership that is transferring to or domesticating or continuing in another jurisdiction or converting to a different type of entity or another jurisdiction may remain outstanding in connection with such domestication, transfer, continuance or conversion; and (iii) rights or securities of, or interests in, a constituent party that is the surviving entity in a merger may remain outstanding in connection with the merger. The bill text can be accessed here:  http://legis.delaware.gov/LIS/lis147.nsf/vwLegislation/HB+123/$file/legis.html?open