805 ILCS 215/507: Right to distribution.
Where this section sits in the code
- CHAPTER 805 BUSINESS ORGANIZATIONS
- Uniform Limited Partnership Act (2001).
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.
Collected 2026-09-15T04:46:47Z. Source file · JSON