(805 ILCS 206/602)
Sec. 602.
Partner's power to dissociate;
wrongful dissociation.
(a) A partner has the power to dissociate at any time, rightfully or
wrongfully, by express will
pursuant to Section 601(1) of this Act.
(b) A partner's dissociation is wrongful only if:
(1) it is in breach of an express provision of the |
| partnership agreement; or
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(2) in the case of a partnership for a definite term
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| or particular undertaking, before the expiration of the term or the completion of the undertaking:
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(i) the partner withdraws by express will, unless
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| the withdrawal follows within 90 days after another partner's dissociation by death or otherwise under Section 601(6) through (10) or wrongful dissociation under this subsection;
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(ii) the partner is expelled by judicial
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| determination under Section 601(5);
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(iii) the partner is dissociated by becoming a
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(iv) in the case of a partner who is not an
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| individual, trust other than a business trust, or estate, the partner is expelled or otherwise dissociated because it willfully dissolved or terminated.
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(c) A partner who wrongfully dissociates is liable to the partnership and to
the other partners
for damages caused by the dissociation. The liability is in addition to any
other obligation of the
partner to the partnership or to the other partners.
(Source: P.A. 92-740, eff. 1-1-03.)
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