South Dakota Codified Laws 48-7-1002. Proper plaintiff
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In a derivative action, the plaintiff must be a partner at the time of bringing the action and at the time of the transaction of which he complains or his status as a partner had devolved upon him by operation of law or pursuant to the terms of the partnership agreement from a person who was a partner at the time of the transaction.
Terms Used In South Dakota Codified Laws 48-7-1002
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Plaintiff: The person who files the complaint in a civil lawsuit.
Source: SL 1986, ch 391, § 1002.