<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 48-7-804 - Distribution of assets. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069786Normal { 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.s2069786SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069786CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069786Normal-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.s2069786DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069786Normal-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.s2069786000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069786SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069786SCL-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="s2069786Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=48-7-804"><span class="s2069786SENU">48-7-804</span></a><span xml:space="preserve" class="s2069786SENU">. </span><span class="s2069786CL">Distribution of assets.</span></p><p dir="ltr" class="s2069786Normal-000000"><span class="s2069786DefaultParagraphFont">Upon the winding up of a limited partnership, the assets shall be distributed as follows:</span></p><p dir="ltr" class="s2069786Normal-000001"><span xml:space="preserve" class="s2069786DefaultParagraphFont">(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 § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=48-7-601"><span class="s2069786DefaultParagraphFont">48-7-601</span></a><span xml:space="preserve" class="s2069786DefaultParagraphFont"> or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=48-7-604"><span class="s2069786DefaultParagraphFont">48-7-604</span></a><span class="s2069786DefaultParagraphFont">;</span></p><p dir="ltr" class="s2069786Normal-000001"><span xml:space="preserve" class="s2069786DefaultParagraphFont">(2)    Except as provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=48-7-601"><span class="s2069786DefaultParagraphFont">48-7-601</span></a><span xml:space="preserve" class="s2069786DefaultParagraphFont"> or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=48-7-604"><span class="s2069786DefaultParagraphFont">48-7-604</span></a><span class="s2069786DefaultParagraphFont">; and</span></p><p dir="ltr" class="s2069786Normal-000001"><span class="s2069786DefaultParagraphFont">(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.</span></p><p dir="ltr" class="s2069786Normal"><span xml:space="preserve" class="s2069786000002"> </span></p><p dir="ltr" class="s2069786Normal"><span class="s2069786SCL">Source:</span><span xml:space="preserve" class="s2069786SCL-000003"> SL 1986, ch 391, § 804.</span></p></div></body></html>