2013 South Dakota Codified Laws
Title 48 - PARTNERSHIPS
Chapter 07A - Uniform Partnership Act
§ 48-7A-603 Effect of partner's dissociation.
48-7A-603. Effect of partner's dissociation. (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.
Source: SL 2001, ch 249, § 603.
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