(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.

Terms Used In North Carolina General Statutes 59B-5

  • 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.
  • personal property: shall include moneys, goods, chattels, choses in action and evidences of debt, including all things capable of ownership, not descendable to heirs at law. See North Carolina General Statutes 12-3
  • property: shall include all property, both real and personal. See North Carolina General Statutes 12-3

(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.)