347.063. Transfer of property--instrument of transfer--claims, effect.
Transfer of property--instrument of transfer--claims, effect.
347.063. 1. Title to property of the limited liabilitycompany that is held in the name of the limited liability companymay be transferred by an instrument of transfer executed by anyauthorized person in the name of the limited liability company.
2. Title to property of the limited liability company thatis held in the name of one or more members or managers with anindication in the instrument transferring title to the propertyto them of their capacity as members or managers of a limitedliability company or of the existence of a limited liabilitycompany, even if the name of the limited liability company is notindicated, may be transferred by an instrument of transferexecuted by the persons in whose name title is held.
3. Property transferred under subsections 1 and 2 of thissection may be recovered by the limited liability company if itproves that the act of the person executing the instrument oftransfer did not bind the limited liability company under section347.065, unless the property has been transferred by the initialtransferee or a person claiming through the initial transferee toa subsequent transferee who gives value without having noticethat the person who executed the instrument of initial transferlacked authority to bind the limited liability company.
4. Title to property of the limited liability company thatis held in the name of one or more persons other than the limitedliability company without an indication in the instrumenttransferring title to the property to them of their capacity asmembers or managers of a limited liability company or of theexistence of a limited liability company, may be transferred freeof any claims of the limited liability company or the members bythe persons in whose name title is held to a transferee who givesvalue without having notice that it is property of a limitedliability company.
(L. 1993 S.B. 66 & 20 § 359.737)Effective 12-1-93