59B-5. Real and personal property; nonprofit association as devisee or beneficiary.
(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.
(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.
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