805 ILCS 215/602

in effect

(805 ILCS 215/602) Sec. 602. Effect of dissociation as limited partner. (a) Upon a person's dissociation as a limited partner: (1) subject to Section 704, the person does not have further rights as a limited partner; (2) the person's obligation of good faith and fair dealing as a limited partner under Section 305(b) continues only as to matters arising and events occurring before the dissociation; and (3) subject to Section 704 and Article 11, any transferable interest owned by the person in the person's capacity as a limited partner immediately before dissociation is owned by the person as a mere transferee. (b) A person's dissociation as a limited partner does not of itself discharge the person from any obligation to the limited partnership or the other partners which the person incurred while a limited partner. (Source: P.A. 93-967, eff. 1-1-05.)

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.ilga.gov/legislation/ilcs/ilcs.aspFetched: 10/17/2026