(a) A nonprofit association in its name may acquire, hold, encumber, or transfer an estate or interest in real or personal property.
(b) A nonprofit association may be a beneficiary of a trust, contract, or will.

Terms Used In Texas Business Organizations Code 252.004

  • Association: means an entity governed as an association under Title 6 or 7. See Texas Business Organizations Code 1.002
  • 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.
  • Nonprofit association: means an association governed as a nonprofit association under Chapter Texas Business Organizations Code 1.002
  • Personal property: All property that is not real property.