S.D. Codified Laws § 48-7A-405

Current through the 2024 Legislative Session
Section 48-7A-405 - Actions by partnership and partners
(a) A partnership may maintain an action against a partner for a breach of the partnership agreement, or for the violation of a duty to the partnership, causing harm to the partnership.
(b) A partner may maintain an action against the partnership or another partner for legal or equitable relief, with or without an accounting as to partnership business, to:
(1) Enforce the partner's rights under the partnership agreement;
(2) Enforce the partner's rights under this Act, including:
(i) The partner's rights under § 48-7A-401, 48-7A-403, or 48-7A-404;
(ii) The partner's right on dissociation to have the partner's interest in the partnership purchased pursuant to § 48-7A-701 or enforce any other right under Article 6 or 7; or
(iii) The partner's right to compel a dissolution and winding up of the partnership business under § 48-7A-801 or enforce any other right under Article 8; or
(3) Enforce the rights and otherwise protect the interests of the partner, including rights and interests arising independently of the partnership relationship.
(c) The accrual of, and any time limitation on, a right of action for a remedy under this section is governed by other law. A right to an accounting upon a dissolution and winding up does not revive a claim barred by law.

SDCL 48-7A-405

SL 2001, ch 249, §405.