A transfer of a distributional interest does not entitle the transferee to become or to exercise any rights of a member. A transfer entitles the transferee to receive, to the extent transferred, only the distributions to which the transferor would be entitled.
S.D. Codified Laws § 47-34A-502
Transfer of distributional interest
Known as the South Dakota Limited Liability Company Act
The act spans §§ 47–47 (113 sections).
Source: SL 1998, ch 272, § 502.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.