Section 429-4 - Real and personal property; nonprofit association as legatee, devisee, or beneficiary(a) A nonprofit association shall be 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, a legatee, or a devisee.