- 43 -
Over the years, the buy-sell agreements were amended on
several occasions. Generally applicable amendments included:
(1) Clarifying that owners could transfer their interests to
qualified revocable living trusts without triggering the buy-sell
provisions, (2) applying the buy-sell provisions to sales of
partial interests, and (3) making special allowances for an
owner’s legal disability. In addition, the Belle Fourche buy-
sell agreement was amended as of August 1, 1973, to include,
inter alia, an active participation requirement that previously
had been omitted due to David L. True’s status as a student at
the time of the original sales to the children in 1971.
All the preexisting buy-sell agreements were amended and
restated as of August 11, 1984 (1984 amendments), to reflect,
among other things, Tamma Hatten’s withdrawal from the True
companies.18 In most cases, the 1984 amendments were the last
amendments made to the buy-sell agreements before Dave True’s
death.19
The parties to the corporate buy-sell agreements, as amended
and restated by the 1984 amendments, were: Dave and Jean True,
the True sons, and the subject corporation. The amended
18Except White Stallion, which was amended on Sept. 20,
1984.
19True Environmental Remediating LLC’s operating agreement
was not entered into until June 30, 1992. However, its
provisions were consistent with the 1984 amendments to the other
True companies’ buy-sell agreements.
Page: Previous 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 NextLast modified: May 25, 2011