reglab/housing_qa huggingface dataset:
805 ILCS 215/509
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 215/ - Uniform Limited Partnership Act (2001).|Article 5 - Contributions and Distributions

(805 ILCS 215/509)Sec. 509. Liability for improper distributions.(a) A general partner that consents to a distribution made in violation of Section 508 is personally liable to the limited partnership for the amount of the distribution which exceeds the amount that could have been distributed without the violation if it is established that in consenting to the distribution the general partner failed to comply with Section 408.(b) A partner or transferee that received a distribution knowing that the distribution to that partner or transferee was made in violation of Section 508 is personally liable to the limited partnership but only to the extent that the distribution received by the partner or transferee exceeded the amount that could have been properly paid under Section 508.(c) A general partner against which an action is commenced under subsection (a) may:(1) implead in the action any other person that is     liable under subsection (a) and compel contribution from the person; and(2) implead in the action any person that received a     distribution in violation of subsection (b) and compel contribution from the person in the amount the person received in violation of subsection (b).(d) An action under this Section is barred if it is not commenced within two years after the distribution.      (Source: P.A. 93-967, eff. 1-1-05.)
805 ILCS 215/Art. 6 heading
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 215/ - Uniform Limited Partnership Act (2001).|Article 6 - Dissociation

   ARTICLE 6  DISSOCIATION  (Source: P.A. 93-967, eff. 1-1-05.)
805 ILCS 215/602
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 215/ - Uniform Limited Partnership Act (2001).|Article 6 - Dissociation

Sec. 602. Effect of dissociation as limited partner.(a) Upon a person's dissociation as a limited partner:(1) subject to Section 704, the person does not have     further rights as a limited partner;(2) the person's obligation of good faith and fair     dealing as a limited partner under Section 305(b) continues only as to matters arising and events occurring before the dissociation; and(3) subject to Section 704 and Article 11, any     transferable interest owned by the person in the person's capacity as a limited partner immediately before dissociation is owned by the person as a mere transferee.(b) A person's dissociation as a limited partner does not of itself discharge the person from any obligation to the limited partnership or the other partners which the person incurred while a limited partner.(Source: P.A. 93-967, eff. 1-1-05.)
805 ILCS 215/604
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 215/ - Uniform Limited Partnership Act (2001).|Article 6 - Dissociation

Sec. 604. Persons to dissociate as general partner; wrongful dissociation.(a) A person has the power to dissociate as a general partner at any time, rightfully or wrongfully, by express will pursuant to Section 603(1).(b) A person's dissociation as a general partner is wrongful only if:(1) it is in breach of an express provision of the     partnership agreement; or(2) it occurs before the termination of the limited     partnership, and:(A) the person withdraws as a general partner by         express will;(B) the person is expelled as a general partner         by judicial determination under Section 603(5);(C) the person is dissociated as a general         partner by becoming a debtor in bankruptcy; or(D) in the case of a person that is not an         individual, trust other than a business trust, or estate, the person is expelled or otherwise dissociated as a general partner because it willfully dissolved or terminated.(c) A person that wrongfully dissociates as a general partner is liable to the limited partnership and, subject to Section 1001, to the other partners for damages caused by the dissociation. The liability is in addition to any other obligation of the general partner to the limited partnership or to the other partners.(Source: P.A. 93-967, eff. 1-1-05.)
805 ILCS 215/605
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 215/ - Uniform Limited Partnership Act (2001).|Article 6 - Dissociation

Sec. 605. Effect of dissociation as general partner.(a) Upon a person's dissociation as a general partner:(1) the person's right to participate as a general     partner in the management and conduct of the partnership's activities terminates;(2) except as provided in clause (3), the person's     fiduciary duties as a general partner terminate;(3) the person's duty of loyalty as a general partner     under Section 408(b)(1) and (2) and duty of care under Section 408(c) continue only with regard to matters arising and events occurring before the person's dissociation as a general partner;(4) the person may sign and deliver to the Secretary     of State for filing a statement of dissociation pertaining to the person and, at the request of the limited partnership, shall sign an amendment to the certificate of limited partnership which states that the person has dissociated; and(5) subject to Section 704 and Article 11, any     transferable interest owned by the person immediately before dissociation in the person's capacity as a general partner is owned by the person as a mere transferee.(b) A person's dissociation as a general partner does not of itself discharge the person from any obligation to the limited partnership or the other partners which the person incurred while a general partner.(Source: P.A. 93-967, eff. 1-1-05.)
805 ILCS 215/606
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 215/ - Uniform Limited Partnership Act (2001).|Article 6 - Dissociation

Sec. 606. Power to bind and liability to limited partnership before dissolution of partnership of person dissociated as general partner.(a) After a person is dissociated as a general partner and before the limited partnership is dissolved, converted under Article 11, or merged out of existence under Article 11, the limited partnership is bound by an act of the person only if:(1) the act would have bound the limited partnership     under Section 402 before the dissociation; and(2) at the time the other party enters into the     transaction:(A) less than two years has passed since the         dissociation; and(B) the other party does not have notice of the         dissociation and reasonably believes that the person is a general partner.(b) If a limited partnership is bound under subsection (a), the person dissociated as a general partner which caused the limited partnership to be bound is liable:(1) to the limited partnership for any damage caused     to the limited partnership arising from the obligation incurred under subsection (a); and(2) if a general partner or another person     dissociated as a general partner is liable for the obligation, to the general partner or other person for any damage caused to the general partner or other person arising from the liability.       (Source: P.A. 93-967, eff. 1-1-05.)
805 ILCS 215/607
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 215/ - Uniform Limited Partnership Act (2001).|Article 6 - Dissociation

(805 ILCS 215/607)Sec. 607. Liability to other persons of person dissociated as general partner.(a) A person's dissociation as a general partner does not of itself discharge the person's liability as a general partner for an obligation of the limited partnership incurred before dissociation. Except as otherwise provided in subsections (b) and (c), the person is not liable for a limited partnership's obligation incurred after dissociation.(b) A person whose dissociation as a general partner resulted in a dissolution and winding up of the limited partnership's activities is liable to the same extent as a general partner under Section 404 on an obligation incurred by the limited partnership under Section 804.(c) A person that has dissociated as a general partner but whose    dissociation did not result in a dissolution and winding up of the limited partnership's activities is liable on a transaction entered into by the limited partnership after the dissociation only if:(1) a general partner would be liable on the     transaction; and(2) at the time the other party enters into the     transaction:(A) less than two years has passed since the         dissociation; and(B) the other party does not have notice of the         dissociation and reasonably believes that the person is a general partner.(d) By agreement with a creditor of a limited partnership and the limited partnership, a person dissociated as a general partner may be released from liability for an obligation of the limited partnership.(e) A person dissociated as a general partner is released from liability for an obligation of the limited partnership if the limited partnership's creditor, with notice of the person's dissociation as a general partner but without the person's consent, agrees to a material alteration in the nature or time of payment of the obligation.      (Source: P.A. 93-967, eff. 1-1-05.)
805 ILCS 215/Art. 7 heading
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 215/ - Uniform Limited Partnership Act (2001).|Article 7 - Transferable Interests and Rights of Transferees and Creditors

   ARTICLE 7    TRANSFERABLE INTERESTS AND RIGHTS  OF TRANSFEREES AND CREDITORS  (Source: P.A. 93-967, eff. 1-1-05.)
805 ILCS 215/701
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 215/ - Uniform Limited Partnership Act (2001).|Article 7 - Transferable Interests and Rights of Transferees and Creditors

Sec. 701. Partner's transferable interest. The only interest of a partner which is transferable is the partner's transferable interest. A transferable interest is personal property.    (Source: P.A. 93-967, eff. 1-1-05.)
805 ILCS 215/702
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 215/ - Uniform Limited Partnership Act (2001).|Article 7 - Transferable Interests and Rights of Transferees and Creditors

Sec. 702. Transfer of partner's transferable interest.(a) A transfer, in whole or in part, of a partner's transferable interest:(1) is permissible;(2) does not by itself cause the partner's     dissociation or a dissolution and winding up of the limited partnership's activities; and(3) does not, as against the other partners or the     limited partnership, entitle the transferee to participate in the management or conduct of the limited partnership's activities, to require access to information concerning the limited partnership's transactions except as otherwise provided in subsection (c), or to inspect or copy the required information or the limited partnership's other records.(b) A transferee has a right to receive, in accordance with the transfer:(1) distributions to which the transferor would     otherwise be entitled; and(2) upon the dissolution and winding up of the     limited partnership's activities the net amount otherwise distributable to the transferor.(c) In a dissolution and winding up, a transferee is entitled to an account of the limited partnership's transactions only from the date of dissolution.(d) Upon transfer, the transferor retains the rights of a partner other than the interest in distributions transferred and retains all duties and obligations of a partner.(e) A limited partnership need not give effect to a transferee's rights under this Section until the limited partnership has notice of the transfer.(f) A transfer of a partner's transferable interest in the limited partnership in violation of a restriction on transfer contained in the partnership agreement is ineffective as to a person having notice of the restriction at the time of transfer.(g) A transferee that becomes a partner with respect to a transferable interest is liable for the transferor's obligations under Sections 502 and 509. However, the transferee is not obligated for liabilities unknown to the transferee at the time the transferee became a partner.(Source: P.A. 93-967, eff. 1-1-05.)
805 ILCS 215/703
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 215/ - Uniform Limited Partnership Act (2001).|Article 7 - Transferable Interests and Rights of Transferees and Creditors

Sec. 703. Rights of creditor of partner or transferee.(a) On application to a court of competent jurisdiction by any judgment creditor of a partner or transferee, the court may charge the transferable interest of the judgment debtor with payment of the unsatisfied amount of the judgment with interest. To the extent so charged, the judgment creditor has only the rights of a transferee. The court may appoint a receiver of the share of the distributions due or to become due to the judgment debtor in respect of the partnership and make all other orders, directions, accounts, and inquiries the judgment debtor might have made or which the circumstances of the case may require to give effect to the charging order.(b) A charging order constitutes a lien on the judgment debtor's transferable interest. The court may order a foreclosure upon the interest subject to the charging order at any time. The purchaser at the foreclosure sale has the rights of a transferee.(c) At any time before foreclosure, an interest charged may be redeemed:(1) by the judgment debtor;(2) with property other than limited partnership     property, by one or more of the other partners; or(3) with limited partnership property, by the limited     partnership with the consent of all partners whose interests are not so charged.(d) This Act does not deprive any partner or transferee of the benefit of any exemption laws applicable to the partner's or transferee's transferable interest.(e) This Section provides the exclusive remedy by which a judgment creditor of a partner or transferee may satisfy a judgment out of the judgment debtor's transferable interest.(Source: P.A. 93-967, eff. 1-1-05.)
805 ILCS 215/704
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 215/ - Uniform Limited Partnership Act (2001).|Article 7 - Transferable Interests and Rights of Transferees and Creditors

(805 ILCS 215/704)Sec. 704. Power of estate of deceased partner. If a partner dies, the deceased partner's personal representative or other legal representative may exercise the rights of a transferee as provided in Section 702 and, for the purposes of settling the estate, may exercise the rights of a current limited partner under Section 304.  (Source: P.A. 93-967, eff. 1-1-05.)
805 ILCS 215/Art. 8 heading
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 215/ - Uniform Limited Partnership Act (2001).|Article 8 - Dissolution

   ARTICLE 8  DISSOLUTION  (Source: P.A. 93-967, eff. 1-1-05.)
805 ILCS 215/801
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 215/ - Uniform Limited Partnership Act (2001).|Article 8 - Dissolution

Sec. 801. Nonjudicial dissolution. Except as otherwise provided in Section 802, a limited partnership is dissolved, and its activities must be wound up, only upon the occurrence of any of the following:(1) the happening of an event specified in the     partnership agreement;(2) the consent of all general partners and of     limited partners owning a majority of the rights to receive distributions as limited partners at the time the consent is to be effective;(3) after the dissociation of a person as a general     partner:(A) if the limited partnership has at least one         remaining general partner, the consent to dissolve the limited partnership given within 90 days after the dissociation by partners owning a majority of the rights to receive distributions as partners at the time the consent is to be effective; or(B) if the limited partnership does not have a         remaining general partner, the passage of 90 days after the dissociation, unless before the end of the period:(i) consent to continue the activities of the             limited partnership and admit at least one general partner is given by limited partners owning a majority of the rights to receive distributions as limited partners at the time the consent is to be effective; and(ii) at least one person is admitted as a             general partner in accordance with the consent;(4) the passage of 90 days after the dissociation of     the limited partnership's last limited partner, unless before the end of the period the limited partnership admits at least one limited partner; or(5) the signing and filing of a declaration of     dissolution by the Secretary of State under Section 809(c).     (Source: P.A. 93-967, eff. 1-1-05.)
805 ILCS 215/802
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 215/ - Uniform Limited Partnership Act (2001).|Article 8 - Dissolution

Sec. 802. Judicial dissolution. On application by a partner the circuit court may order dissolution of a limited partnership if it is not reasonably practicable to carry on the activities of the limited partnership in conformity with the partnership agreement.  (Source: P.A. 93-967, eff. 1-1-05.)
805 ILCS 215/803
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 215/ - Uniform Limited Partnership Act (2001).|Article 8 - Dissolution

Sec. 803. Winding up.(a) A limited partnership continues after dissolution only for the purpose of winding up its activities.(b) In winding up its activities, the limited partnership:(1) may amend its certificate of limited partnership     to state that the limited partnership is dissolved, preserve the limited partnership business or property as a going concern for a reasonable time, prosecute and defend actions and proceedings, whether civil, criminal, or administrative, transfer the limited partnership's property, settle disputes by mediation or arbitration, file a statement of termination as provided in Section 203, and perform other necessary acts; and(2) shall discharge the limited partnership's     liabilities, settle and close the limited partnership's activities, and marshal and distribute the assets of the partnership.(c) If a dissolved limited partnership does not have a general partner, a person to wind up the dissolved limited partnership's activities may be appointed by the consent of limited partners owning a majority of the rights to receive distributions as limited partners at the time the consent is to be effective. A person appointed under this subsection:(1) has the powers of a general partner under Section     804; and(2) shall promptly amend the certificate of limited     partnership to state:(A) that the limited partnership does not have a         general partner;(B) the name of the person that has been         appointed to wind up the limited partnership; and(C) the street and mailing address of the person.(d) On the application of any partner, the circuit court may order judicial supervision of the winding up, including the appointment of a person to wind up the dissolved limited partnership's activities, if:(1) a limited partnership does not have a general     partner and within a reasonable time following the dissolution no person has been appointed pursuant to subsection (c); or(2) the applicant establishes other good cause.(Source: P.A. 93-967, eff. 1-1-05.)
805 ILCS 215/804
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 215/ - Uniform Limited Partnership Act (2001).|Article 8 - Dissolution

Sec. 804. Power of general partner and person dissociated as general partner to bind partnership after dissolution.(a) A limited partnership is bound by a general partner's act after dissolution which:(1) is appropriate for winding up the limited     partnership's activities; or(2) would have bound the limited partnership under     Section 402 before dissolution, if, at the time the other party enters into the transaction, the other party does not have notice of the dissolution.(b) A person dissociated as a general partner binds a limited partnership through an act occurring after dissolution if:(1) at the time the other party enters into the     transaction:(A) less than two years has passed since the         dissociation; and(B) the other party does not have notice of the         dissociation and reasonably believes that the person is a general partner; and(2) the act:(A) is appropriate for winding up the limited         partnership's activities; or(B) would have bound the limited partnership         under Section 402 before dissolution and at the time the other party enters into the transaction the other party does not have notice of the dissolution.   (Source: P.A. 93-967, eff. 1-1-05.)
805 ILCS 215/805
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 215/ - Uniform Limited Partnership Act (2001).|Article 8 - Dissolution

Sec. 805. Liability after dissolution of general partner and person dissociated as general partner to  limited partnership, other general partners, and persons dissociated as general partner.(a) If a general partner having knowledge of the dissolution causes a limited partnership to incur an obligation under Section 804(a) by an act that is not appropriate for winding up the partnership's activities, the general partner is liable:(1) to the limited partnership for any damage caused     to the limited partnership arising from the obligation; and(2) if another general partner or a person     dissociated as a general partner is liable for the obligation, to that other general partner or person for any damage caused to that other general partner or person arising from the liability.(b) If a person dissociated as a general partner causes a limited partnership to incur an obligation under Section 804(b), the person is liable:(1) to the limited partnership for any damage caused     to the limited partnership arising from the obligation; and(2) if a general partner or another person     dissociated as a general partner is liable for the obligation, to the general partner or other person for any damage caused to the general partner or other person arising from the liability.     (Source: P.A. 93-967, eff. 1-1-05.)
805 ILCS 215/806
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 215/ - Uniform Limited Partnership Act (2001).|Article 8 - Dissolution

Sec. 806. Known claims against dissolved limited partnership.(a) A dissolved limited partnership may dispose of the known claims against it by following the procedure described in subsection (b).(b) A dissolved limited partnership may notify its known claimants of the dissolution in a record. The notice must:(1) specify the information required to be included     in a claim;(2) provide a mailing address to which 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 notice is received by the claimant;(4) state that the claim will be barred if not     received by the deadline; and(5) unless the limited partnership has been     throughout its existence a limited liability limited partnership, state that the barring of a claim against the limited partnership will also bar any corresponding claim against any general partner or person dissociated as a general partner which is based on Section 404.(c) A claim against a dissolved limited partnership is barred if the requirements of subsection (b) 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 limited partnership, the claimant does not commence an action to enforce the claim against the limited partnership within 90 days after the receipt of the notice of the rejection.(d) This Section does not apply to a claim based on an event occurring after the effective date of dissolution or a liability that is contingent on that date.(Source: P.A. 93-967, eff. 1-1-05.)