Sec. 405. Actions by partnership and partners.

215 words·~1 min read·/il/chapter-805/act-206/405

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A partnership may maintain an action against a partner for a breach of the partnership agreement, or for the violation of a duty to the partnership, causing harm to the partnership.

(b)A partner may maintain an action against the partnership or another partner for legal or equitable relief, with or without an accounting as to partnership business, to:

(1)enforce the partner's rights under the partnership agreement;

(2)enforce the partner's rights under this Act, including:

(i)the partner's rights under Section 401, 403, or 404;

(ii)the partner's right on dissociation to have the partner's interest in the

partnership purchased pursuant to Section 701 or enforce any other right under Article 6 or 7; or

(iii)the partner's right to compel a dissolution and winding up of the partnership

business under or enforce any other right under Article 8; or

(3)enforce the rights and otherwise protect the interests of the partner, including

rights and interests arising independently of the partnership relationship.

(c)The accrual of, and any time limitation on, a right of action for a remedy under this Section is governed by other law. A right to an accounting upon a dissolution and winding up does not revive a claim barred by law.