Illinois § 602
Full text of Illinois Illinois Compiled Statutes § 602, with citation guidance and answers to common questions.
§ 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.)
Frequently Asked Questions About Illinois § 602
What does Illinois Compiled Statutes § 602 cover?
Section 602 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 602?
A common citation format is "Illinois Compiled Statutes § 602" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 602 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.