§429-5  Statement of authority as to realproperty.  (a)  A nonprofit association may execute and record a statementof authority to transfer an estate or interest in real property in the name ofthe nonprofit association.

(b)  An estate or interest in real property inthe name of a nonprofit association may be transferred by a person soauthorized in a statement of authority recorded in the office of the assistantregistrar of the land court or in the bureau of conveyances, whichever is theoffice in which a transfer of the property would be recorded.

(c)  A statement of authority shall set forth:

(1)  The name of the nonprofit association;

(2)  The federal tax identification number, if any, ofthe nonprofit association;

(3)  The address in this State, including the streetaddress, if any, of the nonprofit association or, if the nonprofit associationdoes not have an address in this State, its address out-of-state;

(4)  That it is an unincorporated nonprofitassociation; and

(5)  The name or title of a person authorized totransfer an estate or interest in real property held in the name of thenonprofit association.

(d)  A statement of authority shall be executedin the same manner as a deed by a person who is not the person authorized totransfer the estate or interest.

(e)  A filing officer may collect a fee forrecording a statement of authority in the amount authorized for recording atransfer of real property.

(f)  An amendment, including a cancellation, ofa statement of authority shall meet the requirements for execution andrecording of an original statement.  Unless canceled earlier, a recordedstatement of authority or its most recent amendment shall be canceled byoperation of law five years after the date of the most recent recording.

(g)  If the record title to real property is inthe name of a nonprofit association and the statement of authority is recordedin the office in which a transfer of real property would be recorded, theauthority of the person named in a statement of authority shall be conclusivein favor of a person who gives value without notice that the person lacksauthority. [L 1999, c 161, pt of §1; am L 2001, c 130, §1]