South Dakota Codified Laws 49-34-17. Joint ownership of property used in connection with natural gas or electricity–Agreements for restrictions on alienation
Any two or more persons who own or intend to own, jointly, by partnership interest, or as tenants in common any property used or to be used in whole or in part for the generation, transmission or distribution of electricity, or for the production, gathering, storage, processing, transmission or distribution of manufactured or natural gas, in each case for the ultimate public consumption, may enter into agreements waiving their respective rights to the partition of such property or otherwise restricting the alienation thereof for a period of time ending not later than the abandonment of the use of such property, and without limiting the generality of the foregoing, such agreements shall not be invalid or unenforceable as violating any rule of law against perpetuities or suspension of the power of alienation of the title to the property.
This section shall apply to agreements entered into prior to, as well as subsequent to, the effective date of this section.
Terms Used In South Dakota Codified Laws 49-34-17
- 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.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1972, ch 251, §§ 1, 2.