Illinois Statutes
§ 507 — Right to distribution
Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 805 BUSINESS ORGANIZATIONS·Act 805 ILCS 215/ Uniform Limited Partnership Act (2001).·Art. Article 5 - Contributions and Distributions
When a partner or transferee becomes entitled to receive a distribution, the partner or transferee has the status of, and is entitled to all remedies available to, a creditor of the limited partnership with respect to the distribution. However, the limited partnership's obligation to make a distribution is subject to offset for any amount owed to the limited partnership by the partner or dissociated partner on whose account the distribution is made.
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Legislative History
(Source: P.A. 93-967, eff. 1-1-05.)
Nearby Sections
15
§ 50
§ 50§ 50-1
Annual reports§ 50-10
Fees§ 50-15
Penalty§ 50-30
(Repealed)§ 50-35
Forms§ 50-40
File number§ 50-55
Disposition of fees