(805 ILCS 215/604)
Sec. 604. Persons to dissociate as general partner; wrongful dissociation.
(a) A person has the power to dissociate as a general partner at any time, rightfully or wrongfully, by express will pursuant to Section 603(1).
(b) A person's dissociation as a general partner is wrongful only if:
(1) it is in breach of an express provision of the
partnership agreement; or
(2) it occurs before the termination of the limited
partnership, and:
(A) the person withdraws as a general partner by
express will;
(B) the person is expelled as a general partner
by judicial determination under Section 603(5);
(C) the person is dissociated as a general
partner by becoming a debtor in bankruptcy; or
(D) in the case of a person that is not an
individual, trust other than a business trust, or estate, the person is expelled or otherwise dissociated as a general partner because it willfully dissolved or terminated.
(c) A person that wrongfully dissociates as a general partner is liable to the limited partnership and, subject to Section 1001, to the other partners for damages caused by the dissociation. The liability is in addition to any other obligation of the general partner to the limited partnership or to the other partners.
(Source: P.A. 93-967, eff. 1-1-05.)
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Last modified: February 18, 2015