Casey v. Chapman

The primary issue that we decide is the nature of the interest that a successful bidder at a UCC (Uniform Commercial Code) foreclosure sale of a partnership interest acquires at the sale. Governing law generally restricts the rights of an assignee of a partnership interest to profits, not management or voting rights.1 Here, there is no agreement by all the partners of the partnership that either the original assignee of the partnership interest or the successful bidder at a UCC foreclosure sale that pledged collateral was entitled to anything more than profits. Accordingly, we hold that the…