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CHAPTER 805 BUSINESS ORGANIZATIONS
Uniform Partnership Act. - Preliminary Provisions
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(805
ILCS 205/Pt. I heading)
PART I
PRELIMINARY PROVISIONS
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(805
ILCS 205/1) (from Ch. 106 1/2, par. 1)
(Section
scheduled to be repealed on January 1,
2008)
Sec.
1. This act may be cited as Uniform Partnership Act.
(Source: Laws
1917, p. 625.)
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(805
ILCS 205/2) (from Ch. 106 1/2, par. 2)
(Section
scheduled to be repealed on January 1,
2008)
Sec.
2. Definitions. In this Act "court" includes every
court and judge having jurisdiction in the case.
"Business" includes
every trade, occupation or profession.
"Person" includes
individuals, partnerships, corporations, and other associations.
"Bankrupt" includes
bankrupt under the Federal Bankruptcy Act or insolvent under
any state insolvent act.
"Conveyance" includes
every assignment, lease, mortgage, or encumbrance.
"Real
property" includes land and any interest or estate in land.
"Registered
limited liability partnership" includes a partnership formed
pursuant to an agreement governed by the laws of this State,
registered under Section 8.1 and complying with Sections 8.2
and 8.3.
(Source: P.A.
88-573, eff. 8-11-94.)
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(805
ILCS 205/3) (from Ch. 106 1/2, par. 3)
(Section
scheduled to be repealed on January 1,
2008)
Sec.
3. (1) A person has "knowledge" of a fact within the
meaning of this act not only when he has actual knowledge thereof,
but also when he has knowledge of such other facts as in the
circumstances shows bad faith.
(2)
A person has "notice" of a fact within the meaning
of this act when the person who claims the benefit of the notice
(a)
States the fact to such person, or
(b)
Delivers through the mail, or by other means of communication,
a written statement of the fact to such person or to a proper
person at his place of business or residence.
(Source: Laws
1917, p. 625.)
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(805
ILCS 205/4) (from Ch. 106 1/2, par. 4)
(Section
scheduled to be repealed on January 1, 2008)
Sec.
4. (1) The rule that statutes in derogation of the common law
are to be strictly construed shall have no application to this
act.
(2)
The law of estoppel shall apply under this act.
(3)
The law of agency shall apply under this act.
(4)
This act shall be so interpreted and construed as to effect its
general purpose to make uniform the law of those states which
enact it.
(5)
This act shall not be construed so as to impair the obligations
of any contract existing when the act goes into effect, nor to
affect any action or proceedings begun or right accrued before
this act takes effect.
(Source: Laws
1917, p. 625.)
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(805
ILCS 205/5) (from Ch. 106 1/2, par. 5)
(Section
scheduled to be repealed on January 1,
2008)
Sec.
5. In any case not provided for in this act the rules of law
and equity, including the law merchant, shall govern.
(Source: Laws
1917, p. 625.)
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