2011 South Dakota Code
Title 48 PARTNERSHIPS
Chapter 07. Uniform Limited Partnership Act
§48-7-804 Distribution of assets.


SD Codified L § 48-7-804 (through 2011) What's This?

48-7-804. Distribution of assets. 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.

Source: SL 1986, ch 391, § 804.

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