48-7A-1004.1. Revocable trust as shareholder--Conditions.
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/sd/title-48/chapter-48-7/48-7a-1004-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.