Error: Data could not be saved. Procedure or function USP_SMARTFIELD_EDITINSTANCE has too many arguments specified. - when editing Smart Fields

When editing a Smart Field, after the Save button is clicked, the following error is thrown:

"Data could not be saved. Procedure or function USP_SMARTFIELD_EDITINSTANCE has too many arguments specified."
We are currently evaluating this issue for a fix in a future service pack.
 

Steps to Duplicate

1. Go to the Administration functional area.
2. Click 'Smart fields'.
3. Click 'Add' to add a new Smart Field.
4. Choose any smart field definition. 
5. Fill in any required fields for the smart field.
6. Click Save.
7. Find the created Smart Field, click the down chevron next to its name, and click Edit.
8. On the Edit smart field screen, click Save.

Environment

 Blackbaud CRM
 4.0
 4.0.173

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