North Carolina General Statutes § 59B-5 Real and personal property; nonprofit association as 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 or a devisee.

(d)       Any judgments and executions against a nonprofit association bind its real and personal property in like manner as if it were incorporated.  (2006-226, s. 1; 2011-284, s. 59.)

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Last modified: March 23, 2014