South Dakota § 48-7A-603 Effect of partner's dissociation.

South Dakota Statutes

§ 48-7A-603 — Effect of partner's dissociation.

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

(a)If a partner's dissociation results in a dissolution and winding up of the partnership business, Article 8 applies; otherwise, Article 7 applies.

(b)Upon a partner's dissociation:

(1)The partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in § 48 - 7A - 803;

(2)The partner's duty of loyalty under subsection 48 - 7A - 404(b)(3) terminates; and (3) The partner's duty of loyalty under subsections 48 - 7A - 404(b)(1) and (2) and duty of care under subsection 48 - 7A - 404(c) continue only with regard to matters arising and events occurring before the partner's dissociation, unless the partner participates in winding up the partnership's business pursuant to § 48 - 7A - 803.

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(a) If a partner's dissociation results in a dissolution and winding up of the partnership business, Article 8 applies; otherwise, Article 7 applies. (b) Upon a partner's dissociation: (1) The partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in § 48 - 7A - 803; (2) The partner's duty of loyalty under subsection 48 - 7A - 404(b)(3) terminates; and (3) The partner's duty of loyalty under subsections 48 - 7A - 404(b)(1) and (2) and duty of care under subsection 48 - 7A - 404(c) continue only with regard to matters arising and events occurring before the partner's dissociation, unless the partner participates in winding up the partnership's business pursuant to § 48 - 7A - 803.

South Dakota § 48-7A-603 (Effect of partner's dissociation.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.