805 ILCS 215/507

Current through Public Act 103-593
Section 805 ILCS 215/507 - Right to distribution

When a partner or transferee becomes entitled to receive a distribution, the partner or transferee has the status of, and is entitled to all remedies available to, a creditor of the limited partnership with respect to the distribution. However, the limited partnership's obligation to make a distribution is subject to offset for any amount owed to the limited partnership by the partner or dissociated partner on whose account the distribution is made.

805 ILCS 215/507

Added by P.A. 093-0967, § 507, eff. 1/1/2005.