Section 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.Amended by 2011 N.C. Sess. Laws 284,s. 59, eff. 6/24/2011.Added by 2006 N.C. Sess. Laws 226,s. 1, eff. 1/1/2007.