(805 ILCS 215/602)
Sec. 602. Effect of dissociation as limited partner.
(a) Upon a person's dissociation as a limited partner:
(1) subject to Section 704, the person does not have
further rights as a limited partner;
(2) the person's obligation of good faith and fair
dealing as a limited partner under Section 305(b) continues only as to matters arising and events occurring before the dissociation; and
(3) subject to Section 704 and Article 11, any
transferable interest owned by the person in the person's capacity as a limited partner immediately before dissociation is owned by the person as a mere transferee.
(b) A person's dissociation as a limited partner does not of itself discharge the person from any obligation to the limited partnership or the other partners which the person incurred while a limited partner.
(Source: P.A. 93-967, eff. 1-1-05.)
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Last modified: February 18, 2015