{"data":{"id":"us-il/805-ilcs-206-703","jurisdiction":"us-il","citation":"805 ILCS 206/703","heading":"","body":"Dissociated partner's liability to other persons.\n(a) A partner's dissociation does not of itself discharge the partner's liability for a partnership obligation incurred before dissociation. A dissociated partner is not liable for a partnership obligation incurred after dissociation, except as otherwise provided in subsection (b) of this Section.\n(b) A partner who dissociates without resulting in a dissolution and winding up of the partnership business is liable as a partner to the other party in a transaction entered into by the partnership, or a surviving partnership under Article 9 of this Act, within 2 years after the partner's dissociation, only if the partner is liable for the obligation under Section 306 and at the time of entering into the transaction the other party:\n(1) reasonably believed that the dissociated partner was then a partner;\n(2) did not have notice of the partner's dissociation; and\n(3) is not deemed to have had knowledge under Section 303(e) or notice under Section 704(c).\n(c) By agreement with the partnership creditor and the partners continuing the business, a dissociated partner may be released from liability for a partnership obligation.\n(d) A dissociated partner is released from liability for a partnership obligation if a partnership creditor, with notice of the partner's dissociation but without the partner's consent, agrees to a material alteration in the nature or time of payment of a partnership obligation.","path":["CHAPTER 805 BUSINESS ORGANIZATIONS","Uniform Partnership Act (1997)."],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=2292\u0026ChapterID=65\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:47Z","sha256":"6d2ac7ce8c25d0134bbe4ca7348a348810381ea68bb579f077c1045f1661eefb","source_id":"us-il","stale":false,"prev":"us-il/805-ilcs-206-702","next":"us-il/805-ilcs-206-704"},"notice":"GroundRules: Original legal text. Not legal advice."}