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Illinois · Through at least Public Act 104-790

805 ILCS 215/507: Right to distribution.

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Where this section sits in the code
  1. CHAPTER 805 BUSINESS ORGANIZATIONS
  2. 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

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