(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.