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

Sec. 507. Right to distribution.

77 words·~1 min read·/il/chapter-805/act-215/507

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Sec. 507. Right to distribution. When a partner or transferee becomes entitled to receive a distribution, the partner or transferee has the status of, and is entitled to all remedies available to, a creditor of the limited partnership with respect to the distribution. However, the limited partnership's obligation to make a distribution is subject to offset for any amount owed to the limited partnership by the partner or dissociated partner on whose account the distribution is made.
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