47-34A-501. Member's distributional interest.(a) A member is not a co-owner of, and has no transferable interest in, property of a limited liability company.(b) A distributional interest in a limited liability company is personal property and, subject to §47-34A-502 and §47-34A-503, may be transferred in whole or in part.(c) An operating agreement may provide that a distributional interest may be evidenced by a certificate of the interest issued by the limited liability company and, subject to §47-34A-503, may also provide for the transfer of any interest represented by the certificate. Source: SL 1998, ch 272, §501.
South Dakota Legal Code