Property acquired by a partnership is property of the partnership and not of the partners individually.
S.D. Codified Laws § 48-7A-203
Partnership property
Known as the Uniform Partnership Act
The act spans §§ 48–48 (74 sections).
Applied in 2 court decisions — leading case Peters v. Great Western Bank, Inc. (2015)
Most recently applied in Peters v. Great Western Bank, Inc. (January 2015)
Source: SL 2001, ch 249, § 203.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.