<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 48-7-801 - Nonjudicial dissolution. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069783Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069783SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069783CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069783Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069783DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069783Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069783000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069783SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069783SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2069783Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=48-7-801"><span class="s2069783SENU">48-7-801</span></a><span xml:space="preserve" class="s2069783SENU">. </span><span class="s2069783CL">Nonjudicial dissolution.</span></p><p dir="ltr" class="s2069783Normal-000000"><span class="s2069783DefaultParagraphFont">A limited partnership is dissolved and its affairs shall be wound up upon the happening of the first to occur of the following:</span></p><p dir="ltr" class="s2069783Normal-000001"><span class="s2069783DefaultParagraphFont">(1)    At the time specified in the certificate of limited partnership;</span></p><p dir="ltr" class="s2069783Normal-000001"><span class="s2069783DefaultParagraphFont">(2)    Upon the happening of events specified in writing in the partnership agreement;</span></p><p dir="ltr" class="s2069783Normal-000001"><span class="s2069783DefaultParagraphFont">(3)    Written consent of all partners;</span></p><p dir="ltr" class="s2069783Normal-000001"><span class="s2069783DefaultParagraphFont">(4)    An event of withdrawal of a general partner unless at the time there is at least one other general partner and the written provisions of the partnership agreement permit the business of the limited partnership to be carried on by the remaining general partner and that partner does so, but the limited partnership is not dissolved and is not required to be wound up by reason of any event of withdrawal if, within ninety days after the withdrawal, all partners agree in writing to continue the business of the limited partnership and to the appointment of one or more additional general partners if necessary or desired; or</span></p><p dir="ltr" class="s2069783Normal-000001"><span xml:space="preserve" class="s2069783DefaultParagraphFont">(5)    Entry of a decree of judicial dissolution under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=48-7-802"><span class="s2069783DefaultParagraphFont">48-7-802</span></a><span class="s2069783DefaultParagraphFont">.</span></p><p dir="ltr" class="s2069783Normal"><span xml:space="preserve" class="s2069783000002"> </span></p><p dir="ltr" class="s2069783Normal"><span class="s2069783SCL">Source:</span><span xml:space="preserve" class="s2069783SCL-000003"> SL 1986, ch 391, § 801.</span></p></div></body></html>