Kentucky Statutes 273A.015 – Ownership and transfer of property
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(1) An unincorporated nonprofit association may acquire, hold, encumber, or transfer in its name an interest in real, personal, or intangible property.
(2) An unincorporated nonprofit association may be a beneficiary of a trust or contract, a legatee, or a devisee.
Effective: June 24, 2015
History: Created 2015 Ky. Acts ch. 34, sec. 14, effective June 24, 2015.
(2) An unincorporated nonprofit association may be a beneficiary of a trust or contract, a legatee, or a devisee.
Terms Used In Kentucky Statutes 273A.015
- 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.
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
- Legatee: A beneficiary of a decedent
- Unincorporated nonprofit association: means an unincorporated organization consisting of two (2) or more members joined under an agreement that is oral, in a record, or implied from conduct, for one (1) or more common, nonprofit purposes. See Kentucky Statutes 273A.005
Effective: June 24, 2015
History: Created 2015 Ky. Acts ch. 34, sec. 14, effective June 24, 2015.