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CHAPTER 805 BUSINESS ORGANIZATIONS
Uniform Partnership Act. - Property Rights of a
Partner
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(805
ILCS 205/Pt. V heading)
PART V
PROPERTY RIGHTS OF A PARTNER
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(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scheduled to be repealed on January 1,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.)
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(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scheduled to be repealed on January 1,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.)
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(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scheduled to be repealed on January 1,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.)
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(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.)
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(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.)
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