<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 48-7A-204 - When property is partnership property. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069816Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069816SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069816CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069816Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069816DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069816Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069816Normal-000002 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069816000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069816SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069816SCL-000004 { 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="s2069816Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=48-7A-204"><span class="s2069816SENU">48-7A-204</span></a><span xml:space="preserve" class="s2069816SENU">. </span><span class="s2069816CL">When property is partnership property.</span></p><p dir="ltr" class="s2069816Normal-000000"><span class="s2069816DefaultParagraphFont">(a) Property is partnership property if acquired in the name of:</span></p><p dir="ltr" class="s2069816Normal-000001"><span class="s2069816DefaultParagraphFont">(1)    The partnership; or</span></p><p dir="ltr" class="s2069816Normal-000001"><span class="s2069816DefaultParagraphFont">(2)    One or more partners with an indication in the instrument transferring title to the property of the person's capacity as a partner or of the existence of a partnership but without an indication of the name of the partnership.</span></p><p dir="ltr" class="s2069816Normal-000002"><span class="s2069816DefaultParagraphFont">(b) Property is acquired in the name of the partnership by a transfer to:</span></p><p dir="ltr" class="s2069816Normal-000001"><span class="s2069816DefaultParagraphFont">(1)    The partnership in its name; or</span></p><p dir="ltr" class="s2069816Normal-000001"><span class="s2069816DefaultParagraphFont">(2)    One or more partners in their capacity as partners in the partnership, if the name of the partnership is indicated in the instrument transferring title to the property.</span></p><p dir="ltr" class="s2069816Normal-000002"><span class="s2069816DefaultParagraphFont">(c) Property is presumed to be partnership property if purchased with partnership assets, even if not acquired in the name of the partnership or of one or more partners with an indication in the instrument transferring title to the property of the person's capacity as a partner or of the existence of a partnership.</span></p><p dir="ltr" class="s2069816Normal-000002"><span class="s2069816DefaultParagraphFont">(d) Property acquired in the name of one or more of the partners, without an indication in the instrument transferring title to the property of the person's capacity as a partner or of the existence of a partnership and without use of partnership assets, is presumed to be separate property, even if used for partnership purposes.</span></p><p dir="ltr" class="s2069816Normal"><span xml:space="preserve" class="s2069816000003"> </span></p><p dir="ltr" class="s2069816Normal"><span class="s2069816SCL">Source:</span><span xml:space="preserve" class="s2069816SCL-000004"> SL 2001, ch 249, § 204.</span></p></div></body></html>