Delaware Code Title 6 Sec. 1904 – Real and personal property; nonprofit association as legatee, devisee …
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(a) A nonprofit association in its name may acquire, hold, encumber or transfer an estate or interest in real or personal property.
Terms Used In Delaware Code Title 6 Sec. 1904
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Legatee: A beneficiary of a decedent
- Personal property: All property that is not real property.
(b) A nonprofit association may be a legatee, devisee or beneficiary of a trust or contract.