NJ LIMITED PARTNER LIABILITY | NJ LIMITED PARTNERSHIP LAW

NJ LIMITED PARTNER LIABILITY | NJ LIMITED PARTNERSHIP LAW: Limited partner liability under New Jersey's Limited Partnership Law; piercing the corporate veil in New Jersey limited partnerships. Sponsored by New Jersey business lawyers LoFaro & Reiser LLP  



Bookmark and Share




Comments

Post a Comment

Popular posts from this blog

New Jersey Law Prevents Judgment Creditors From Forcing Sale of Jointly Held Real Estate Unless Judgment Is Against Both Property Owners

Image
' T his question frequently arises in the context of consulting with married couples who own jointly held real estate and a creditor has obtained a civil money judgment against only one of them.  The most typical example is when either the husband or wife personally guarantees a business debt, the business ultimately fails or the husband or wife defaults on the loan, and the creditor files suit and recovers a judgment on the personal guaranty.   Under New Jersey law can the judgment creditor of one spouse compel a court to order the sale of their jointly held marital residence?   The short answer is "no," provided that the non-debtor spouse survives the debtor spouse.  When the debtor spouse passes away, the creditor's judgment goes to the grave with him/her and the surviving spouse holds the marital residence free and clear of the judgment.   However, during the lifetime of the debtor spouse the judgment creditor is still permitted to levy ...
Read more