(805 ILCS 206/405)
Sec. 405.
Actions by partnership and partners.
(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 |
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(2) enforce the partner's rights under this Act,
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(i) the partner's rights under Section 401, 403,
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(ii) the partner's right on dissociation to have
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| the partner's interest in the partnership purchased pursuant to Section 701 or enforce any other right under Article 6 or 7; or
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(iii) the partner's right to compel a dissolution
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| and winding up of the partnership business under or enforce any other right under Article 8; or
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(3) enforce the rights and otherwise protect the
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| interests of the partner, including rights and interests arising independently of the partnership relationship.
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(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.
(Source: P.A. 92-740, eff. 1-1-03.)
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