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Code · Illinois · Chapter 805 — BUSINESS ORGANIZATIONS · Act 215

Sec. 1003. Proper plaintiff.

77 words·~1 min read·/il/chapter-805/act-215/1003

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

Sec. 1003. Proper plaintiff. A derivative action may be maintained only by a person that is a partner at the time the action is commenced and:
(1)that was a partner when the conduct giving rise to the action occurred; or
(2)whose status as a partner devolved upon the person by operation of law or pursuant
to the terms of the partnership agreement from a person that was a partner at the time of the conduct.
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