(805 ILCS 206/405)
Sec. 405. Actions by partnership and partners.
(a) A partnership may maintain an action against a partner for a breach of the partnership agreement, or for the violation of a duty to the partnership, causing harm to the partnership.
(b) A partner may maintain an action against the partnership or another partner for legal or equitable relief, with or without an accounting as to partnership business, to:
(1) enforce the partner's rights under the
partnership agreement;
(2) enforce the partner's rights under this Act,
including:
(i) the partner's rights under Section 401, 403,
or 404;
(ii) the partner's right on dissociation to have
the partner's interest in the partnership purchased pursuant to Section 701 or enforce any other right under Article 6 or 7; or
(iii) the partner's right to compel a dissolution
and winding up of the partnership business under or enforce any other right under Article 8; or
(3) enforce the rights and otherwise protect the
interests of the partner, including rights and interests arising independently of the partnership relationship.
(c) The accrual of, and any time limitation on, a right of action for a remedy under this Section is governed by other law. A right to an accounting upon a dissolution and winding up does not revive a claim barred by law.
(Source: P.A. 92-740, eff. 1-1-03.)
Sections: Previous 401 402 403 404 405 406 Next
Last modified: February 18, 2015