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Illinois Compiled Statutes

Information maintained by the Legislative Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

(805 ILCS 215/) Uniform Limited Partnership Act (2001).

805 ILCS 215/Art. 7

    (805 ILCS 215/Art. 7 heading)
(Source: P.A. 93-967, eff. 1-1-05.)

805 ILCS 215/701

    (805 ILCS 215/701)
    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

    (805 ILCS 215/702)
    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

    (805 ILCS 215/703)
    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

    (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.)