Chapter 13: LIMITED LIABILITY COMPANIES ENACTED BY PL 1993, C. 718, PT. A, §1
Subchapter 7: OWNERSHIP AND TRANSFER OF PROPERTY ENACTED BY PL 1993, C. 718, PT. A, §1
§682. Rules for determining when property is owned by a limited liability company
1.Acquired in name of limited liability company. Subject to subsection 4, property is presumed owned by a limited liability company if it is acquired in the name of that
limited liability company.
[
1993, c. 718, Pt. A, §1 (NEW)
.]
2.Purchased with funds of limited liability company. Subject to subsection 4, property is presumed owned by a limited liability company if it is purchased with funds of that
limited liability company even if it is acquired in the name of a member or other person.
[
1993, c. 718, Pt. A, §1 (NEW)
.]
3.Separate property of members. Subject to subsection 4, property is presumed separate property of one or more members or other persons if it is acquired
in the name or names of that person or those persons without use of funds of a limited liability company even though the property
is used for purposes of the business of that limited liability company.
[
1993, c. 718, Pt. A, §1 (NEW)
.]
4.Property held of public record. Real property and other property held of public record other than in the name of a limited liability company, the ownership
of which is customarily publicly recorded, is not deemed owned by that limited liability company to the prejudice of a person
who is not a member and who did not have actual knowledge to the contrary.
[
1993, c. 718, Pt. A, §1 (NEW)
.]
SECTION HISTORY
1993, c. 718, §A1 (NEW).
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