Louisiana Revised Statutes 12:509 – Disposition of movable property of inactive unincorporated association
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Terms Used In Louisiana Revised Statutes 12:509
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
If an unincorporated association has been inactive for three years, or for a longer or shorter period specified in a document of the association, a person in possession or control of movable property of the association may transfer custody of the property as follows:
(1) If a document of an unincorporated association specifies a person to whom transfer is to be made under these circumstances, to that person.
(2) If no person is so specified, to an unincorporated association or nonprofit corporation pursuing broadly similar purposes, or to a government or governmental subdivision, agency, or instrumentality.
Acts 2008, No. 877, §1.