Illinois Statutes

§ 1111 — Liability of general partner after merger

Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 805 BUSINESS ORGANIZATIONS·Act 805 ILCS 215/ Uniform Limited Partnership Act (2001).·Art. Article 11 - Conversion and Merger
(a)A merger under this Article does not discharge any liability under Sections 404 and 607 of a person that was a general partner in or dissociated as a general partner from a constituent limited partnership, but:
(1)the provisions of this Act pertaining to the collection or discharge of the liability continue to apply to the liability;
(2)for the purposes of applying those provisions, the surviving organization is deemed to be the constituent limited partnership; and (3) if a person is required to pay any amount under this subsection:
(A)the person has a right of contribution from each other person that was liable as a general partner under Section 404 when the obligation was incurred and has not been released from the obligation under Section 607; and (B) the contribution due from ea

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Legislative History

(Source: P.A. 100-561, eff. 7-1-18 .)

Nearby Sections

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