Illinois Compiled Statutes 735 ILCS 5/12-102 – Judgment against partnership
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Terms Used In Illinois Compiled Statutes 735 ILCS 5/12-102
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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.
A judgment entered against a partnership in its firm name is enforceable only against property of the partnership and does not constitute a lien upon real estate other than that held in the firm name.