75-76-69 - Suitability finding and licensing when interest in gaming establishment made subject matter of revocable trust; filing of copy of trust instrument with executive director.
§ 75-76-69. Suitability finding and licensing when interest in gaming establishment made subject matter of revocable trust; filing of copy of trust instrument with executive director.
A person owning an interest in a gaming establishment who is licensed or has been found suitable by the commission does not have to requalify for a license or a finding of suitability whenever he makes his interest the subject matter of a revocable trust in which he retains the entire interest as the sole beneficiary. The settlor of such a trust must file a copy of the trust instrument or any amendment thereof with the executive director before the transfer of the interest becomes effective and before the effective date of any amendment.
Sources: Laws, 1990 Ex Sess, ch. 45, § 35, eff from and after passage (approved June 29, 1990).