South Dakota § 48-7A-703 - Dissociated partner's liability to other persons.
Full text of South Dakota South Dakota Codified Laws § 48-7A-703 — Dissociated partner's liability to other persons., with citation guidance and answers to common questions.
§ 48-7A-703. Dissociated partner's liability to other persons.
(a) A partner's dissociation does not of itself discharge the partner's liability for a partnership obligation incurred before dissociation. A dissociated partner is not liable for a partnership obligation incurred after dissociation, except as otherwise provided in subsection (b).
(b) A partner who dissociates without resulting in a dissolution and winding up of the partnership business is liable as a partner to the other party in a transaction entered into by the partnership, or a surviving partnership under Article 9, within two years after the partner's dissociation, only if the partner is liable for the obligation under § 48-7A-306 and at the time of entering into the transaction the other party:
(1) Reasonably believed that the dissociated partner was then a partner;
(2) Did not have notice of the partners dissociation; and
(3) Is not deemed to have had knowledge under subsection 48-7A-303(e) or notice under subsection 48-7A-704(c).
(c) By agreement with the partnership creditor and the partners continuing the business, a dissociated partner may be released from liability for a partnership obligation.
(d) A dissociated partner is released from liability for a partnership obligation if a partnership creditor, with notice of the partner's dissociation but without the partner's consent, agrees to a material alteration in the nature or time of payment of a partnership obligation.
Source: SL 2001, ch 249, § 703.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 48-7A-703
What does South Dakota Codified Laws § 48-7A-703 cover?
Section 48-7A-703 ("Dissociated partner's liability to other persons.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 48-7A-703?
A common citation format is "South Dakota Codified Laws § 48-7A-703" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 48-7A-703 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.