Real and personal property in this state may be acquired, held, encumbered, and transferred by a nonprofit association, whether or not the nonprofit association or a member has any other relationship to this state.
Source: L. 94: Entire article added, p. 1272, � 1, effective May 22.
7-30-104. Real and personal property - nonprofit association as legatee, devisee, or beneficiary. (1) 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 may be a legatee, devisee, or beneficiary of a trust or contract.
Source: L. 94: Entire article added, p. 1272, � 1, effective May 22.