South Dakota § 48-7-704 Right of assignee to become limited partner.

South Dakota Statutes

§ 48-7-704 — Right of assignee to become limited partner.

South Dakota § 48-7-704

Title 48PARTNERSHIPS

Ch. 48-7UNIFORM LIMITED PARTNERSHIP ACT

This text of South Dakota § 48-7-704 (Right of assignee to become limited partner.) 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 § 48-7-704 (2026).

Text

An assignee of a partnership interest, including an assignee of a general partner, may become a limited partner if and to the extent that:

(1)The assignor gives the assignee that right in accordance with authority described in the partnership agreement; or (2) All other partners consent. An assignee who has become a limited partner has, to the extent assigned, the rights and powers, and is subject to the restrictions and liabilities, of a limited partner under the partnership agreement and this chapter. An assignee who becomes a limited partner also is liable for the obligations of his assignor to make and return contributions as provided in this chapter. However, the assignee is not obligated for liabilities unknown to the assignee at the time he became a limited partner. If an ass

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An assignee of a partnership interest, including an assignee of a general partner, may become a limited partner if and to the extent that: (1) The assignor gives the assignee that right in accordance with authority described in the partnership agreement; or (2) All other partners consent. An assignee who has become a limited partner has, to the extent assigned, the rights and powers, and is subject to the restrictions and liabilities, of a limited partner under the partnership agreement and this chapter. An assignee who becomes a limited partner also is liable for the obligations of his assignor to make and return contributions as provided in this chapter. However, the assignee is not obligated for liabilities unknown to the assignee at the time he became a limited partner. If an assignee of a partnership interest becomes a limited partner, the assignor is not released from his liability to the limited partnership, under §§ 48-7-207 and 48-7-502 .