29-653

29-653. Limited liability company
property

A. Real property and personal property owned or purchased by a limited liability
company may be held, owned and conveyed in the name of the limited liability company.

B. Instruments and documents to mortgage or dispose of real property held in the
name of the limited liability company are valid and binding on the limited liability
company if executed by one or more managers of a limited liability company if management
is vested in one or more managers or by one or more members of a limited liability
company if management has been reserved to the members, but the limited liability company
may recover the property unless any of the following conditions exist:

1. The member's or manager's act binds the limited liability company under the
provisions of section 29-654.

2. All of the members executed the instrument or document.

3. The property was conveyed by the grantee or a person claiming through the
grantee to a holder for value without knowledge that the member or manager exceeded his
authority in making the conveyance.