reglab/housing_qa huggingface dataset:
805 ILCS 180/20-5
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 20 - Finance

Sec. 20-5. Member's liability for contributions.(a) (Blank).(b) (Blank).(c) A member's obligation to contribute money, property, or other benefit  to, or  to perform services for, a limited liability company is not  excused by the member's death, disability, dissolution, or any other reason.  If a member does not make the required contribution of property  or services, the member is obligated at the option of the company to contribute  money equal to the value of that portion of the required contribution  which has not been made. The foregoing option does not limit the availability of any remedy provided for in the operating agreement or under law, including specific performance.(d) A creditor of a limited liability company who extends credit or  otherwise acts in reliance on an obligation described in subsection (c),  and  without notice of any compromise under subdivision (4) of subsection (d) of  Section 15-1, may enforce the  original obligation.(e)  Subject to Sections 1-43  and 15-5, the operating agreement may provide that the interest of any member that fails to make any contribution that the member is required to make will be subject to specified remedies for, or specified consequences of, the failure.  The specified remedies or consequences may include, without limitation:(1)  Loss of voting, approval, or other rights.(2)  Loss of the member's ability to participate in     the management or operations of the limited liability company.(3)  Liquidated damages.(4)  Diluting, reducing, or eliminating the     defaulting member's proportionate interest in the company.(5)  Subordinating the defaulting member's right to     receive distributions to that of the nondefaulting members.(6)  Permitting the forced sale of the defaulting     member's interest in the company.(7)  Permitting one or more nondefaulting members to     lend the amount necessary to meet the defaulting member's commitment.(8)  Adjusting the interest rates or other rates of     return, preferred, priority or otherwise, with respect to contributions by or capital accounts of the nondefaulting members.(9)  Fixing the value of the defaulting member's     interest by appraisal or formula and the redemption or sale of the defaulting member's interest at that value. (Source: P.A. 99-637, eff. 7-1-17.)
805 ILCS 180/20-10
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 20 - Finance

Sec. 20-10.     (Repealed).     (Source: P.A. 87-1062.  Repealed by P.A. 90-424, eff. 1-1-98.)
805 ILCS 180/20-15
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 20 - Finance

(805 ILCS 180/20-15)Sec. 20-15.     (Repealed).     (Source: P.A. 87-1062.  Repealed by P.A. 90-424, eff. 1-1-98.)
805 ILCS 180/Art. 25 heading
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 25 - Distributions

 Article 25.      Distributions
805 ILCS 180/25-1
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 25 - Distributions

Sec. 25-1.     Interim distributions.(a) Any distributions made by a limited liability company before its  dissolution and winding up must be in equal shares.(b) A member has no right to receive, and may not be required to accept, a  distribution in kind.    (Source: P.A. 90-424, eff. 1-1-98.)
805 ILCS 180/25-5
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 25 - Distributions

Sec. 25-5.     (Repealed).     (Source: P.A. 87-1062.  Repealed by P.A. 90-424, eff. 1-1-98.)
805 ILCS 180/25-10
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 25 - Distributions

Sec. 25-10.     (Repealed).     (Source: P.A. 87-1062.  Repealed by P.A. 90-424, eff. 1-1-98.)
805 ILCS 180/25-15
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 25 - Distributions

Sec. 25-15.     (Repealed).     (Source: P.A. 87-1062.  Repealed by P.A. 90-424, eff. 1-1-98.)
805 ILCS 180/25-20
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 25 - Distributions

Sec. 25-20.     Right to distribution.     At the time a  member becomes entitled to receive a distribution, the member  has the status of and is entitled to all remedies available  to a creditor of the limited liability company with respect  to the distributions.    (Source: P.A. 87-1062.)
805 ILCS 180/25-25
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 25 - Distributions

Sec. 25-25.     (Repealed).     (Source: P.A. 87-1062.  Repealed by P.A. 90-424, eff. 1-1-98.)
805 ILCS 180/25-30
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 25 - Distributions

Sec. 25-30.     Limitations on distributions.(a) A distribution may not be made if:(1) the limited liability company would not be able     to pay its debts as they become due in the ordinary course of business; or(2) the company's total assets would be less than the     sum of its total liabilities plus the amount that would be needed, if the company were to be dissolved, wound up, and terminated at the time of the distribution, to satisfy the preferential rights upon dissolution, winding up, and termination of members whose preferential rights are superior to those receiving the distribution.(b) A limited liability company may base a determination that a distribution  is not prohibited under subsection (a) of this Section on financial statements  prepared on the basis of accounting practices and principles that are  reasonable in the circumstances or on a fair valuation or other method that is  reasonable in the circumstances.(c) Except as otherwise provided in subsection (e) of this Section, the  effect of a  distribution under subsection (a) of this Section is measured:(1) in the case of distribution by purchase,     redemption, or other acquisition of a distributional interest in a limited liability company, as of the date money or other property is transferred or debt incurred by the company; and(2) in all other cases, as of the date the:(A) distribution is authorized if the payment         occurs within 120 days after the date of authorization; or(B) payment is made if it occurs more than 120         days after the date of authorization.(d) A limited liability company's indebtedness to a member incurred by  reason of a distribution made in accordance with this Section is at  parity with the company's indebtedness to its general, unsecured creditors.(e) Indebtedness of a limited liability company, including indebtedness  issued in connection with or as part of a distribution, is not considered a  liability for purposes of determinations under subsection (a) of this Section  if its terms  provide that payment of principal and interest are made only if and to the  extent that payment of a distribution to members could then be made under this  Section.  If the indebtedness is issued as a distribution, each  payment of principal or interest on the indebtedness is treated as a  distribution, the effect of which is measured on the date the payment is  made.    (Source: P.A. 90-424, eff. 1-1-98.)
805 ILCS 180/25-35
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 25 - Distributions

Sec. 25-35. Liability for unlawful distributions.(a) Except as otherwise provided in subsections (b) and (c), if a member of a member-managed company or a member or manager of a  manager-managed company consents to a distribution  made in violation of Section 25-30, the articles of organization, or the  operating agreement and in consenting to the distribution fails to comply with Section 15-3, the member or manager is personally liable to the company for the amount of  the distribution that exceeds the amount that could have been distributed  without violating Section 25-30, the articles of organization, or the  operating agreement.(b)  To the extent the operating agreement of a limited liability company expressly relieves a member of the authority and responsibility to consent to distributions and imposes that authority and responsibility on one or more other members, the liability stated in subsection (a) applies to the other members and not the member that the operating agreement relieves of authority and responsibility.(c)   If the members of a member-managed company or the members or managers of a manager-managed company consent to a distribution that violates the articles of organization or the operating agreement, but does not violate Section 25-30, by a vote that would have been sufficient to amend the articles of organization or operating agreement, as the case may be, the liability stated in subsection (a) does not apply.(d) A person that receives a distribution and that knew the distribution was made  in violation of Section 25-30, the articles of organization, or the  operating agreement is personally liable to the company, but only to the extent  that the distribution received by the person exceeded the amount that  could have been properly paid under Section 25-30.(e) A person against whom an action is brought under this Section  may implead in the action:(1) all members or managers who consented to the     distribution in violation of subsection (a) of this Section and may compel contribution from them; and(2) all persons who received a distribution in     violation of subsection (d)  of this Section and may compel contribution from any person receiving such a distribution in the amount received in violation of subsection (d) of this Section.(f) A proceeding under this Section is barred unless it is commenced within  2 years after the distribution.  (Source: P.A. 99-637, eff. 7-1-17.)
805 ILCS 180/25-45
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 25 - Distributions

Sec. 25-45.     Known claims against dissolved limited liability company.(a) A dissolved limited liability company may dispose of the known claims  against it by following the procedure described in this Section.(b) A dissolved limited liability company shall notify its known claimants  in  writing of the dissolution.  The notice must:(1) specify the information required to be included     in a claim;(2) provide a mailing address where the claim is to     be sent;(3) state the deadline for receipt of the claim,     which may not be less than 120 days after the date the written notice is received by the claimant; and(4) state that the claim will be barred if not     received by the deadline.(c) A claim against a dissolved limited liability company is barred if the  requirements of subsection (b) of this Section are met, and:(1) the claim is not received by the specified     deadline; or(2) in the case of a claim that is timely received     but rejected by the dissolved company, the claimant does not commence a proceeding to enforce the claim within 90 days after the receipt of the notice of the rejection.(d) For purposes of this Section, the term "claim" does not include a  contingent  liability or a claim based on an event occurring after the effective  date of dissolution.    (Source: P.A. 90-424, eff. 1-1-98.)
805 ILCS 180/25-50
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 25 - Distributions

(805 ILCS 180/25-50)Sec. 25-50.     Other claims against dissolved limited liability company.(a) A dissolved limited liability company may publish notice of its  dissolution and request persons having claims against the company to  present them in accordance with the notice.(b) The notice must:(1) be published at least once in a newspaper of     general circulation in the county in which the dissolved limited liability company's principal office is located or, if none in this State, in which its designated office is or was last located;(2) describe the information required to be contained     in a claim and provide a mailing address where the claim is to be sent; and(3) state that a claim against the limited liability     company is barred unless a proceeding to enforce the claim is commenced within 5 years after publication of the notice.(c) If a dissolved limited liability company publishes a notice in  accordance with subsection (b) of this Section, the claim of each of the  following  claimants is barred unless the claimant commences a proceeding to enforce the  claim against the dissolved company within 5 years after the  publication date of the notice:(1) a claimant who did not receive written notice     under Section 25-45;(2) a claimant whose claim was timely sent to the     dissolved company but not acted on; and(3) a claimant whose claim is contingent or based on     an event occurring after the effective date of dissolution.(d) A claim not barred under this Section may be enforced:(1) against the dissolved limited liability company,     to the extent of its undistributed assets; or(2) if the assets have been distributed in     liquidation, against a member of the dissolved company to the extent of the member's proportionate share of the claim or the company's assets distributed to the member in liquidation, whichever is less, but a member's total liability for all claims under this Section may not exceed the total amount of assets distributed to the member.   (Source: P.A. 90-424, eff. 1-1-98.)
805 ILCS 180/Art. 30 heading
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 30 - Assignment of Membership Interests

     Article 30.  Transfer of Distributional Interests    (Source: P.A. 99-637, eff. 7-1-17.)
805 ILCS 180/30-1
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 30 - Assignment of Membership Interests

Sec. 30-1. Member's distributional interest.(a) A member is not a co-owner of, and has no transferable interest in,  property of a limited liability company.(b) A distributional interest in a limited liability company is personal  property and, subject to Sections 30-5 and 30-10, may be transferred in whole  or in part.(c) An operating agreement may provide that a distributional interest may be  evidenced by a certificate of the interest issued by the limited  liability company and, subject to Section 30-10, may also provide for the  transfer of any interest represented by the certificate.(d) Except as provided in subsection (b), the rights, powers, and interest of a member, including a member described in subsection (c) of Section 10-1, may not be transferred except in accordance with authority described in the operating agreement or if all other members consent.(Source: P.A. 101-553, eff. 1-1-20.)
805 ILCS 180/30-5
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 30 - Assignment of Membership Interests

Sec. 30-5. Transfer of a distributional  interest.(a) A transfer of a distributional interest in whole or in part:(1) does not by itself cause dissolution and winding     up of the limited liability company's activities; and(2) is subject to Section 30-10.(b)  A transfer of a  distributional  interest does not entitle the transferee to  become or to exercise any rights of a member.  A transfer entitles the  transferee to receive, to the extent transferred, only the distributions to  which the transferor would be entitled.  (Source: P.A. 99-637, eff. 7-1-17.)
805 ILCS 180/30-10
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 30 - Assignment of Membership Interests

Sec. 30-10. Rights of a transferee.(a) A transferee of a distributional interest may become a member of a  limited  liability company if and to the extent that the transferor  gives the transferee the right in accordance with authority described in the  operating agreement or all other members consent.(b) A transferee who has become a member, to the extent transferred, has the  rights and powers, and is subject to the restrictions and liabilities, of  a member under the operating agreement of a limited liability company and this  Act.  A transferee who becomes a member also is liable for the  transferor member's obligations to make contributions under Section 20-5 and  for obligations under Section 25-35 to return unlawful distributions,  but the transferee is not obligated for the transferor member's liabilities  unknown to the transferee at the time the transferee becomes a member.(c) Whether or not a transferee of a distributional interest becomes a  member  under subsection (a) of this Section, the transferor is not released from  liability to  the limited liability company under the operating agreement or this Act.(d) A transferee who does not become a member is not entitled to participate  in the management or conduct of the limited liability company's business,  require access to information concerning the company's transactions, or, except as provided in subsections (c) and (d) of Section 1-40, inspect  or copy any of the company's records.(e) A transferee who does not become a member is entitled to:(1) receive, in accordance with the transfer,     distributions to which the transferor would otherwise be entitled;(2) receive, upon dissolution and winding up of the     limited liability company's business:(A) in accordance with the transfer, the net         amount otherwise distributable to the transferor; and(B) a statement of account only from the date of         the latest statement of account agreed to by all the members.(f) A limited liability company need not give effect to a transfer until it  has notice of the transfer.  (Source: P.A. 99-637, eff. 7-1-17.)
805 ILCS 180/30-15
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 30 - Assignment of Membership Interests

Sec. 30-15.     (Repealed).     (Source: P.A. 87-1062.  Repealed by P.A. 90-424, eff. 1-1-98.)
805 ILCS 180/30-20
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 30 - Assignment of Membership Interests

Sec. 30-20. Rights of creditor.(a) On application by a judgment creditor of a member or transferee, a court may enter a charging order against the distributional interest of the judgment debtor for the unsatisfied amount of the judgment.  A charging order constitutes a lien on a judgment debtor's distributional interest and requires the limited liability company to pay over to the person to which the charging order was issued any distribution that would otherwise be paid to the judgment debtor.  A charging order grants no other rights with respect to the assets or affairs of the company.(b) To the extent necessary to effectuate the collection of distributions pursuant to a charging order in effect under subsection (a), the court may:(1)  appoint a receiver of the distributions subject     to the charging order, with the power to make all inquiries the judgment debtor might have made; and(2)  make all other orders necessary to give effect     to the charging order.(c) At any time the court may foreclose the lien and order the sale of the distributional interest.  The purchaser at the foreclosure sale obtains only the distributional interest, does not thereby become a member, and is subject to Section 30-10.(d) At any time before foreclosure under subsection (c), the member or transferee whose distributional interest is subject to a charging order under subsection (a) may extinguish the charging order by satisfying the judgment and filing a certified copy of the satisfaction with the court that issued the charging order.(e) At any time before foreclosure under subsection (c), a limited liability company or one or more members whose distributional interests are not subject to the charging order may satisfy the judgment and thereby succeed to the rights of the judgment creditor, including the charging order.(f)  This Act does not deprive any member or transferee of the benefit of any exemption laws applicable to the member's or transferee's distributional interest.(g)  This Section provides the exclusive remedy by which a person seeking to enforce a judgment against a member or transferee may, in the capacity of judgment creditor, satisfy the judgment from the judgment debtor's distributional interest.  If and to the extent that other law permits a judgment creditor to obtain a lien against the distributional interest or other rights of a member or transferee of a member, the lien shall be treated as a charging order subject to all the provisions of this Section. (Source: P.A. 99-637, eff. 7-1-17.)
805 ILCS 180/30-25
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 30 - Assignment of Membership Interests

(805 ILCS 180/30-25)Sec. 30-25. Power of personal representative of deceased member. If a member dies, the deceased member's personal representative or other legal representative may exercise the rights of a transferee provided in subsection (e) of Section  30-10 and, for the purposes of settling the estate, the rights of a current member under Section 10-15.  (Source: P.A. 99-637, eff. 7-1-17.)
805 ILCS 180/Art. 35 heading
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 35 - Dissolution And Dissociation

 Article 35.      Dissolution and Dissociation
805 ILCS 180/35-1
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 180/ - Limited Liability Company Act.|Article 35 - Dissolution And Dissociation

Sec. 35-1. Events causing dissolution and winding up of company's  business.(a)  A limited liability company is dissolved and its business must be wound  up upon the occurrence of any of the following events:(1) An event or circumstance that causes the     dissolution of a company by the express terms of the operating agreement.(2) The consent of all members.(3) The passage of 180 consecutive days during which     the company has no members.(4) On application by a member or a dissociated     member, upon entry of a judicial decree that:(A) the economic purpose of the company has been         or is likely to be unreasonably frustrated;(B) the conduct of all or substantially all of         the company's activities is unlawful;(C) it is not otherwise reasonably practicable to         carry on the company's business in conformity with the articles of organization and the operating agreement.(5) On application by a member or transferee of a      distributional interest, upon entry of a judicial decree that the managers or those members in control of the company:(A) have acted, are acting, or will act in a         manner that is illegal or fraudulent; or(B) have acted or are acting in a manner that is         oppressive and was, is, or will be directly harmful to the applicant.(6) Administrative dissolution under Section 35-25.(b)  In a proceeding under subdivision (4) or (5) of subsection (a), the court may order a remedy other than dissolution including, but not limited to, a buyout of the applicant's distributional interest. (Source: P.A. 101-553, eff. 1-1-20.)