Sec. 602. Effect of dissociation as limited partner.
132 words·~1 min read·
/il/chapter-805/act-215/602A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.