31 §681. Ownership of limited liability company property (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11) - Maine Statutes

Title 31: PARTNERSHIPS AND ASSOCIATIONS

Chapter 13: LIMITED LIABILITY COMPANIES

Subchapter 7: OWNERSHIP AND TRANSFER OF PROPERTY

§681. Ownership of limited liability company property

(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)

(WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)

1. Property of limited liability company. Property transferred to or otherwise acquired by a limited liability company becomes property of that limited liability company. A member has no interest in specific limited liability company property.

[ 1993, c. 718, Pt. A, §1 (NEW) .]

2. Property in the name of limited liability company. Property may be acquired, held and conveyed in the name of a limited liability company. An estate in real property may be acquired in the name of that limited liability company and title to an estate so acquired vests in that limited liability company rather than in the members individually.

[ 1993, c. 718, Pt. A, §1 (NEW) .]

SECTION HISTORY

1993, c. 718, §A1 (NEW). 2009, c. 629, Pt. A, §1 (RP). 2009, c. 629, Pt. A, §3 (AFF).