Distributions of cash or other assets of a limited partnership shall be allocated among the partners, and among classes of partners, in the manner provided in writing in the partnership agreement. If the partnership agreement does not so provide in writing, distributions shall be made on the basis of the value, as stated in the partnership records required to be kept pursuant to § 48-7-105, of the contributions made by each partner to the extent they have been received by the partnership and have not been returned.
S.D. Codified Laws § 48-7-504
Sharing of distributions
Known as the Uniform Limited Partnership Act
The act spans §§ 48–48 (71 sections).
Applied in 1 court decision — leading case Campion v. Parkview Apartments (1999)
Most recently applied in Campion v. Parkview Apartments (January 1999)
Source: SL 1986, ch 391, § 504.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.