Iowa Code 501B.6 – Ownership and transfer of property
Current as of: 2023 | Check for updates
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1. An unincorporated nonprofit association may acquire, hold, encumber, or transfer in its name an interest in real or personal property.
Terms Used In Iowa Code 501B.6
- association: means an unincorporated organization consisting of two or more members joined under an agreement that is oral, in a record, or implied from conduct, for one or more common, nonprofit purposes. See Iowa Code 501B.2
- 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
2. An unincorporated nonprofit association may be a beneficiary of a trust or contract, a legatee, or a devisee.