Notwithstanding any other provisions of § 48-7A-1004, a revocable trust may be a partner in a limited liability partnership organized under this chapter, for so long as the grantor of the revocable trust is living and is eligible to be a partner of a limited liability partnership organized under this chapter. After the death of the grantor, the partnership interest owned by a revocable trust is subject to any applicable divestiture and redemption provisions as if the partnership interest were directly owned by the grantor of the trust.
S.D. Codified Laws § 48-7A-1004.1
Revocable trust as shareholder--Conditions
Known as the Uniform Partnership Act
The act spans §§ 48-7A-1001 to 48-7A-908 (74 sections).
Source: SL 2002, ch 205, § 11.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.