§ 59B-5. Real and personal property; nonprofit association as legatee, devisee, or beneficiary.
§ 59B‑5. Real andpersonal property; nonprofit association as legatee, devisee, or beneficiary.
(a) A nonprofitassociation is a legal entity separate from its members for the purposes ofacquiring, holding, encumbering, and transferring real and personal property.
(b) A nonprofitassociation, in its name, may acquire, hold, encumber, or transfer an estate orinterest in real or personal property.
(c) A nonprofitassociation may be a beneficiary of a trust or contract, a legatee, or adevisee.
(d) Any judgments andexecutions against a nonprofit association bind its real and personal propertyin like manner as if it were incorporated. (2006‑226, s. 1.)