South Dakota § 55-4-37 - Liability for fiduciary's partnership interest limited.
Full text of South Dakota South Dakota Codified Laws § 55-4-37 — Liability for fiduciary's partnership interest limited., with citation guidance and answers to common questions.
§ 55-4-37. Liability for fiduciary's partnership interest limited.
If permitted by the trust instrument or will under which a fiduciary serves, or by order of a court having jurisdiction of the estate or trust, a fiduciary may enter into a partnership agreement or arrangement with others or accept the assignment of, or otherwise acquire, hold, and dispose, of an interest in a partnership, and in so doing may become either a general or a limited partner. If the fiduciary becomes a partner, as to creditors of, or claimants against, the partnership and as to the other members of the partnership, the liability, if any, of the fiduciary for the debts and other liabilities of the partnership, whether arising under contract, tort, or otherwise, are limited to the assets of the trust or estate, or so much thereof as may be necessary to discharge such debts and liabilities.
Source: SL 1996, ch 285.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 55-4-37
What does South Dakota Codified Laws § 55-4-37 cover?
Section 55-4-37 ("Liability for fiduciary's partnership interest limited.") 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 § 55-4-37?
A common citation format is "South Dakota Codified Laws § 55-4-37" (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 § 55-4-37 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.