Libraries

     Business Organizations

        
- Corporations
        
- Nonprofit Corporations
        
- Limited Liability Co's
        
- Partnerships
        
- Associations
        
- Names & Records

     Business Transactions
     Commercial Code
     Employment

Law Bulletins

 

 

To learn more about Hennessy & Roach services, reach us at:

Chicago:       312-346-5310
Fax:                312-346-5330

St. Louis:      314-231-0770
Fax:                314-231-0990

Springfield:  217-726-0037
Fax:                217-726-0137
 ______________________
140 S Dearborn St.,   Suite 520
Chicago, IL 60603

 
.
CHAPTER 805 BUSINESS ORGANIZATIONS
Uniform Partnership Act. - Property Rights of a Partner

.
 

 


 
    (805 ILCS 205/Pt. V heading)

PART V

PROPERTY RIGHTS OF A PARTNER



    (805 ILCS 205/24) (from Ch. 106 1/2, par. 24)
    (Section scheduled to be repealed on January 1, 2008)
    Sec. 24. The property rights of a partner are (1) his rights in specific partnership property, (2) his interest in the partnership, and (3) his right to participate in the management.
(Source: Laws 1917, p. 625.)



    (805 ILCS 205/25) (from Ch. 106 1/2, par. 25)
    (Section scheduled to be repealed on January 1, 2008)
    Sec. 25. (1) A partner is co-owner with his partners of specific partnership property holding as a tenant in partnership.
    (2) The incidents of this tenancy are such that:
    (a) A partner, subject to the provisions of this act and to any agreement between the partners, has an equal right with his partners to possess specific partnership property for partnership purposes; but he has no right to possess such property for any other purpose without the consent of his partners.
    (b) A partner's right in specific partnership property is not assignable except in connection with the assignment of the rights of all the partners in the same property.
    (c) A partner's right in specific partnership property is not subject to attachment or execution, except on a claim against the partnership. When partnership property is attached for a partnership debt the partners, or any of them, or the representatives of a deceased partner, cannot claim any right under the homestead or exemption laws.
    (d) On the death of a partner his right in specific partnership property vests in the surviving partner or partners, except where the deceased was the last surviving partner, when his right in such property vests in his legal representative. Such surviving partner or partners, or the legal representative of the last surviving partner, has no right to possess the partnership property for any but a partnership purpose.
    (e) A partner's right in specific partnership property is not subject to surviving spouse's or child's award.
(Source: P. A. 77-442.)



    (805 ILCS 205/26) (from Ch. 106 1/2, par. 26)
    (Section scheduled to be repealed on January 1, 2008)
    Sec. 26. A partner's interest in the partnership is his share of the profits and surplus, and the same is personal property.
(Source: Laws 1917, p. 625.)



    (805 ILCS 205/27) (from Ch. 106 1/2, par. 27)
    (Section scheduled to be repealed on January 1, 2008)
    Sec. 27. (1) A conveyance by a partner of his interest in the partnership does not of itself dissolve the partnership, nor, as against the other partners in the absence of agreement, entitle the assignee, during the continuance of the partnership to interfere in the management or administration of the partnership business or affairs, or to require any information or account of partnership transactions, or to inspect the partnership books; but it merely entitles the assignee to receive in accordance with his contract the profits to which the assigning partner would otherwise be entitled.
    (2) In case of a dissolution of the partnership, the assignee is entitled to receive his assignor's interest and may require an account from the date only of the last account agreed to by all the partners.
(Source: Laws 1917, p. 625.)



    (805 ILCS 205/28) (from Ch. 106 1/2, par. 28)
    (Section scheduled to be repealed on January 1, 2008)
    Sec. 28. (1) On due application to the circuit court by any judgment creditor of a partner, the court which entered the judgment or order, or any other court, may charge the interest of the debtor partner with payment of the unsatisfied amount of such judgment debt with interest thereon; and may then or later appoint a receiver of his share of the profits, and of any other money due or to fall due to him in respect of the partnership, and make all other orders, directions, accounts and inquiries which the debtor partner might have made, or which the circumstances of the case may require.
    (2) The interest charged may be redeemed at any time before foreclosure, or in case of a sale being directed by the court may be purchased without thereby causing a dissolution:
    (a) With separate property, by any one or more of the partners, or
    (b) With partnership property, by any one or more of the partners with the consent of all the partners whose interests are not so charged or sold.
    (3) Nothing in this Act shall be held to deprive a partner of his right, if any, under the exemption laws, as regards his interest in the partnership.
(Source: P.A. 79-1366.)



 

 

 


To learn more about Hennessy & Roach services, please call 312.346.5310, or send an e-mail to
hennroach@hennessyroach.com to arrange a consultation.

Web Site Disclaimer: All information offered herein by the Law offices of Hennessy & Roach, P.C.
is not legal advice nor the formation of an attorney client relationship. You agree to hold harmless the law offices of Hennessy & Roach, P.C., its employees and all parties associated with Hennessy & Roach. If you disagree, immediately discontinue use of this site.

General Disclaimer: This site contains provisions of the Illinois Compiled Statutes from databases that were created for the use of the members and staff of the Illinois General Assembly. The provisions have NOT been edited for publication, and are NOT in any sense the "official" text of the Illinois Compiled Statutes as enacted into law. The accuracy of any specific provision originating from this site cannot be assured, and you are urged to consult the official documents or contact legal counsel of your choice. This site should not be cited as an official or authoritative source. Court decisions may affect the interpretation and constitutionality of statutes.

Home | The Firm | Attorneys | Practice Areas | Clients | References | Hearing Sites | Contact Us | Disclaimer