347.061. Property of company — title.

287 words·~1 min read·/mo/chapter-347/347-061

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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

2. Property may be acquired, held and conveyed in the name of a limited liability company. Any estate in real property may be acquired in the name of the limited liability company and title to any estate so acquired shall vest in the limited liability company itself rather than in the members individually.

3. Subject to subsection 4 of this section:

(1)Property is presumed to be owned by the limited liability company if it is acquired in the name of the limited liability company;

(2)Property is presumed to be owned by the limited liability company if it is purchased with funds of the limited liability company even if it is acquired in the name of a member or other person; and

(3)Property is presumed to be separate property of one or more members or other persons if it is acquired in the name or names of such person or persons without use of funds of the limited liability company even though the property was used for purposes of the business of the limited liability company.

4. Real property and other property held of public record otherwise than in the name of the limited liability company, the ownership of which is customarily publicly recorded, shall not be deemed to be owned by the limited liability company to the prejudice of a person who is not a member and who did not have actual knowledge to the contrary.

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(L. 1993 S.B. 66 & 20 § 359.736)

Effective 12-01-93