South Dakota § 48-7-804 Distribution of assets.

South Dakota Statutes

§ 48-7-804 — Distribution of assets.

South Dakota·Title 48 PARTNERSHIPS·Ch. 48-7 UNIFORM LIMITED PARTNERSHIP ACT

Upon the winding up of a limited partnership, the assets shall be distributed as follows:

(1)To creditors, including partners who are creditors, to the extent permitted by law, in satisfaction of liabilities of the limited partnership other than liabilities for distributions to partners under § 48-7-601 or 48-7-604 ;

(2)Except as provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under § 48-7-601 or 48-7-604 ; and (3) Except as provided in the partnership agreement, to partners first for the return of their contributions and secondly respecting their partnership interests, in the proportions in which the partners share in distributions.

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Upon the winding up of a limited partnership, the assets shall be distributed as follows: (1) To creditors, including partners who are creditors, to the extent permitted by law, in satisfaction of liabilities of the limited partnership other than liabilities for distributions to partners under § 48-7-601 or 48-7-604 ; (2) Except as provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under § 48-7-601 or 48-7-604 ; and (3) Except as provided in the partnership agreement, to partners first for the return of their contributions and secondly respecting their partnership interests, in the proportions in which the partners share in distributions.

South Dakota § 48-7-804 (Distribution of assets.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.