(a) A dissolved limited partnership may publish notice of its dissolution and request persons having claims against the limited partnership to present them in accordance with the notice.
     (b) The notice must:

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Terms Used In Illinois Compiled Statutes 805 ILCS 215/807

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14

         (1) be published at least once in a newspaper of
    
general circulation in the county in which the dissolved limited partnership’s principal office is located or, if it has none in this State, in the county in which the limited partnership’s designated office is or was last located;
        (2) describe the information required to be contained
    
in a claim and provide a mailing address to which the claim is to be sent;
        (3) state that a claim against the limited
    
partnership is barred unless an action to enforce the claim is commenced within five years after publication of the notice; and
        (4) unless the limited partnership has been
    
throughout its existence a limited liability limited partnership, state that the barring of a claim against the limited partnership will also bar any corresponding claim against any general partner or person dissociated as a general partner which is based on Section 404.
    (c) If a dissolved limited partnership publishes a notice in accordance with subsection (b), the claim of each of the following claimants is barred unless the claimant commences an action to enforce the claim against the dissolved limited partnership within five years after the publication date of the notice:
         (1) a claimant that did not receive notice in a
    
record under Section 806;
        (2) a claimant whose claim was timely sent to the
    
dissolved limited partnership but not acted on; and
        (3) a claimant whose claim is contingent or based on
    
an event occurring after the effective date of dissolution.
    (d) A claim not barred under this Section may be enforced:
         (1) against the dissolved limited partnership, to the
    
extent of its undistributed assets;
        (2) if the assets have been distributed in
    
liquidation, against a partner or transferee to the extent of that person’s proportionate share of the claim or the limited partnership’s assets distributed to the partner or transferee in liquidation, whichever is less, but a person’s total liability for all claims under this paragraph does not exceed the total amount of assets distributed to the person as part of the winding up of the dissolved limited partnership; or
        (3) against any person liable on the claim under
    
Section 404.