31 §682. Rules for determining when property is owned by a limited liability company (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
Title 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 13: LIMITED LIABILITY COMPANIES
Subchapter 7: OWNERSHIP AND TRANSFER OF PROPERTY
§682. Rules for determining when property is owned by a limited liability company
(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)
(WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
1. Acquired in name of limited liability company. Subject to subsection 4, property is presumed owned by a limited liability company if it is acquired in the name of that limited liability company.
[ 1993, c. 718, Pt. A, §1 (NEW) .]
2. Purchased with funds of limited liability company. Subject to subsection 4, property is presumed owned by a limited liability company if it is purchased with funds of that limited liability company even if it is acquired in the name of a member or other person.
[ 1993, c. 718, Pt. A, §1 (NEW) .]
3. Separate property of members. Subject to subsection 4, property is presumed separate property of one or more members or other persons if it is acquired in the name or names of that person or those persons without use of funds of a limited liability company even though the property is used for purposes of the business of that limited liability company.
[ 1993, c. 718, Pt. A, §1 (NEW) .]
4. Property held of public record. Real property and other property held of public record other than in the name of a limited liability company, the ownership of which is customarily publicly recorded, is not deemed owned by that limited liability company to the prejudice of a person who is not a member and who did not have actual knowledge to the contrary.
[ 1993, c. 718, Pt. A, §1 (NEW) .]
SECTION HISTORY
1993, c. 718, §A1 (NEW). 2009, c. 629, Pt. A, §1 (RP). 2009, c. 629, Pt. A, §3 (AFF).