South Dakota Statutes
§ 47-34A-603 — Effect of a member's dissociation.
South Dakota § 47-34A-603
This text of South Dakota § 47-34A-603 (Effect of a member's dissociation.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
S.D. Codified Laws § 47-34A-603 (2026).
Text
(a)A limited liability company does not dissolve and wind up its business as result of a member's dissociation.
(b)Upon a member's dissociation from a limited liability company:
(1)The member's right to participate in the management and conduct of the company's business terminates, except as otherwise provided in § 47-34A-803 , and the member ceases to be a member and is treated the same as a transferee of a member;
(2)The member's duty of loyalty under § 47-34A-409(b)(3) terminates; and (3) The member's duty of loyalty under § 47-34A-409(b)(1) and (2) and duty of care under § 47-34A-409(c) continue only with regard to matters arising and events occurring before the member's dissociation.
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Related
Stewart v. Plains Commerce Bank
(D. South Dakota, 2025)
Legislative History
SL 1998, ch 272, § 603.
Nearby Sections
15
§ 47-1-1
Repealed§ 47-1-3
Repealed§ 47-10-1
Purposes of corporations.§ 47-10-10
Incorporators.§ 47-10-11
Directors--Number and term of office.§ 47-10-13
Accumulation of surplus--Use of surplus.§ 47-10-14
Persons authorized to hold common stock.§ 47-10-18
Nonstockholder members--Duty to lend.§ 47-10-2
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Bluebook (online)
South Dakota § 47-34A-603, Counsel Stack Legal Research, https://law.counselstack.com/statute/sd/47-34A-603.