Nev. Rev. Stat. § 86.311

Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1

Section 86.311 - Acquisition, ownership and disposition of property by company and series

1. Except as otherwise provided in subsection 2, real and personal property owned or purchased by a company must be held and owned, and conveyance made, in the name of the company. Except as otherwise provided in the company's articles of organization or operating agreement, instruments and records providing for the acquisition, mortgage or disposition of property of the company are valid and binding upon the company if signed by:

(a) One or more managers of a company which is managed by a manager or managers;

(b) Any member of a company which is managed by its members;

(c) Any agent, officer, employee or other representative of the company authorized in the operating agreement or in another writing by a manager or managers, if the company is managed by a manager or managers; or

(d) Any agent, officer, employee or other representative of the company authorized in the operating agreement or in another writing by a member, if the company is managed by its members.

2. Real and personal property may be purchased, owned and conveyed by a series separately in the name of the series, as the asset of the series only. Except as otherwise provided in the articles of organization or operating agreement of the series, instruments and records providing for the acquisition, mortgage or disposition of property by a series are valid and binding upon the series if signed by:

(a) One or more managers of the series, if the series is managed by a manager or managers;

(b) Any member associated with the series, if the series is managed by the members associated with the series;

(c) Any agent, officer, employee or other representative of the series authorized in the operating agreement or in another writing by a manager or managers of the series, if the series is managed by a manager or managers; or

(d) Any agent, officer, employee or other representative of the series authorized in the operating agreement or in another writing by a member associated with the series, if the series is managed by its members.

NRS 86.311

Added to NRS by 1991, 1300; A 1997, 719; 2003, 3140; 2017, 2781

Amended by 2017, Ch. 419,§10, eff. 10/1/2017.

Added to NRS by 1991, 1300; A 1997, 719; 2003, 3140