(805 ILCS 210/Art. 5 heading) (Article scheduled to be repealed on January 1, 2008) ARTICLE 5 Finance(Source: P.A. 93‑967, eff. 1‑1‑05. Repealed on 1‑1‑2008 by 805 ILCS 215/1401.)
(805 ILCS 210/501)(from Ch. 106 1/2, par. 155‑1) (Section scheduled to be repealed on January 1, 2008) Sec. 501. Form of Contribution. The contribution of a partner may be
in cash, property, or services rendered, or a promissory note or other
obligation to contribute cash or property or to perform services. (Source: P.A. 84‑1412; 93‑967, eff. 1‑1‑05. Repealed on 1‑1‑2008 by 805 ILCS 215/1401.)
(805 ILCS 210/502)(from Ch. 106 1/2, par. 155‑2) (Section scheduled to be repealed on January 1, 2008) Sec. 502. Liability for Contribution. (a) A promise by a limited
partner to contribute to the limited
partnership is not enforceable unless set out in a writing signed by the limited partner. (b) Except as provided
in the partnership agreement, a partner is obligated to the limited
partnership to perform any enforceable promise to contribute cash or
property or to perform services, even if he or she is unable to perform because of death,
disability or any other reason. If a partner does not make the required
contribution of property or services, he or she is obligated at the option
of the limited partnership to contribute cash equal to that portion of the
agreed value, as stated in the partnership records required to be kept pursuant to
Section 104, of the stated contribution that has not been made. (c) Unless otherwise provided in the partnership agreement, the
obligation of a partner to make a contribution or return money or other
property paid or distributed in violation of this Act may be compromised
only by consent of all the partners. Notwithstanding the compromise, a
creditor of a limited partnership who extends credit or otherwise acts in
reliance on that obligation after the partner signs a writing which
reflects the obligation and before the amendment or cancellation thereof to
reflect the compromise may enforce the original obligation. (Source: P.A. 84‑1412; 93‑967, eff. 1‑1‑05. Repealed on 1‑1‑2008 by 805 ILCS 215/1401.)
(805 ILCS 210/503)(from Ch. 106 1/2, par. 155‑3) (Section scheduled to be repealed on January 1, 2008) Sec. 503. Sharing of Profits and Losses. The profits and losses of a
limited partnership shall be allocated among the partners, and among
classes of partners, in the manner provided in writing in the partnership
agreement. If the partnership agreement does not so provide in writing,
profits and losses shall be allocated on the basis of the value (as stated
in the records of the limited partnership required to be kept pursuant to
Section 104) of the
contributions made by each partner to the extent they have been received by
the partnership and have not been returned. (Source: P.A. 84‑1412; 93‑967, eff. 1‑1‑05. Repealed on 1‑1‑2008 by 805 ILCS 215/1401.)
(805 ILCS 210/504)(from Ch. 106 1/2, par. 155‑4) (Section scheduled to be repealed on January 1, 2008) Sec. 504. Sharing of Distributions. Distributions of cash or other
assets of a limited partnership shall be allocated among the partners, and
among classes of partners, in the manner provided in writing in the
partnership agreement. If the partnership agreement does not so provide in
writing, distributions shall be made on the basis of the value (as stated
in the records of the limited partnership required to be kept pursuant to
Section 104) of the contributions made by each partner to the extent they
have been received by the partnership and have not been returned. (Source: P.A. 84‑1412; 93‑967, eff. 1‑1‑05. Repealed on 1‑1‑2008 by 805 ILCS 215/1401.)
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