35-8-701. Ownership of limited liability company property. (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 the limited liability company. Any estate in real property may be acquired in the name of the limited liability company, and title to any estate acquired must vest in the limited liability company rather than in the members individually.
History: En. Sec. 38, Ch. 120, L. 1993.
Structure Montana Code Annotated
Title 35. Corporations, Partnerships, and Associations
Chapter 8. Montana Limited Liability Company Act
Part 7. Ownership and Transfer of Property
35-8-701. Ownership of limited liability company property
35-8-702. Transfer of real property
35-8-703. Nature of distributional interest
35-8-705. Rights of judgment creditor
35-8-707. Transfer of distributional interest -- rights of transferee