2005 Illinois Code - 805 ILCS 205/ Uniform Partnership Act. Part V - 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(Section scheduled to be repealed on January 1, 2008)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.)
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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(Section scheduled to be repealed on January 1, 2008)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(Section scheduled to be repealed on January 1, 2008)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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