Illinois § 602 Partner's power to dissociate; wrongful dissociation

Illinois Statutes

§ 602 — Partner's power to dissociate; wrongful dissociation

Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 805 BUSINESS ORGANIZATIONS·Act 805 ILCS 206/ Uniform Partnership Act (1997).·Art. Article 6 - Partner's Dissociation

(a)A partner has the power to dissociate at any time, rightfully or wrongfully, by express will pursuant to Section 601(1) of this Act.

(b)A partner's dissociation is wrongful only if:

(1)it is in breach of an express provision of the partnership agreement; or (2) in the case of a partnership for a definite term or particular undertaking, before the expiration of the term or the completion of the undertaking:

(i)the partner withdraws by express will, unless the withdrawal follows within 90 days after another partner's dissociation by death or otherwise under Section 601(6) through (10) or wrongful dissociation under this subsection;

(ii)the partner is expelled by judicial determination under Section 601(5);

(iii)the partner is dissociated by becoming a debtor in bankruptcy; or (iv) i

Free access — add to your briefcase to read the full text and ask questions with AI

(a) A partner has the power to dissociate at any time, rightfully or wrongfully, by express will pursuant to Section 601(1) of this Act. (b) A partner's dissociation is wrongful only if: (1) it is in breach of an express provision of the partnership agreement; or (2) in the case of a partnership for a definite term or particular undertaking, before the expiration of the term or the completion of the undertaking: (i) the partner withdraws by express will, unless the withdrawal follows within 90 days after another partner's dissociation by death or otherwise under Section 601(6) through (10) or wrongful dissociation under this subsection; (ii) the partner is expelled by judicial determination under Section 601(5); (iii) the partner is dissociated by becoming a debtor in bankruptcy; or (iv) in the case of a partner who is not an individual, trust other than a business trust, or estate, the partner is expelled or otherwise dissociated because it willfully dissolved or terminated. (c) A partner who wrongfully dissociates is liable to the partnership and to the other partners for damages caused by the dissociation. The liability is in addition to any other obligation of the partner to the partnership or to the other partners.

Illinois § 602 (Partner's power to dissociate; wrongful dissociation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.