N.C. Gen. Stat. § 59B-5
Real and personal property; nonprofit association as devisee or beneficiary
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
(1) A nonprofit association is a legal entity separate from its members for the purposes of acquiring, holding, encumbering, and transferring real and personal property.
(1) A nonprofit association is a legal entity separate from its members for the purposes of acquiring, holding, encumbering, and transferring real and personal property.
(2) A nonprofit association, in its name, may acquire, hold, encumber, or transfer an estate or interest in real or personal property.
(2) A nonprofit association, in its name, may acquire, hold, encumber, or transfer an estate or interest in real or personal property.
(3) A nonprofit association may be a beneficiary of a trust or contract or a devisee.
(3) A nonprofit association may be a beneficiary of a trust or contract or a devisee.
(4) Any judgments and executions against a nonprofit association bind its real and personal property in like manner as if it were incorporated.
(4) Any judgments and executions against a nonprofit association bind its real and personal property in like manner as if it were incorporated.
History
(2006-226, s. 1; 2011-284, s. 59.)
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.