§ 4-28-504 - Real and personal property -- Nonprofit association as legatee, devisee, or beneficiary.
4-28-504. Real and personal property -- Nonprofit association as legatee, devisee, or beneficiary.
(a) A nonprofit association is a legal entity separate from its members for the purposes of acquiring, holding, encumbering, and transferring real and personal property.
(b) A nonprofit association in its name may acquire, hold, encumber, or transfer an estate or interest in real or personal property.
(c) A nonprofit association may be a beneficiary of a trust or contract, a legatee, or a devisee.