South Dakota Statutes
§ 48-7-608 — Liability upon return of contribution.
If a partner has received the return of any part of his contribution without violation of the partnership agreement or this chapter, he is liable to the limited partnership for a period of one year thereafter for the amount of the returned contribution, but only to the extent necessary to discharge the limited partnership's liabilities to creditors who extended credit to the limited partnership during the period the contribution was held by the partnership. If a partner has received the return of any part of his contribution in violation of the partnership agreement or this chapter, he is liable to the limited partnership for a period of six years thereafter for the amount of the contribution wrongfully returned. A partner receives a return of his contribution to the extent that a distribu
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South Dakota § 48-7-608 (Liability upon return of contribution.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1986, ch 391, § 608.
Nearby Sections
15
§ 48-7-1001
Right of action.§ 48-7-1002
Proper plaintiff.§ 48-7-1003
Pleading.§ 48-7-1004
Expenses.§ 48-7-101
Definitions.§ 48-7-102
Name.§ 48-7-103
Reservation of name.§ 48-7-104
Specified office and agent.§ 48-7-105
Records to be kept.§ 48-7-106
Nature of business.§ 48-7-1101
Construction and application.§ 48-7-1102
Short title.§ 48-7-1103
Severability.