§3032. When property is limited liability company property

Link to law: http://legislature.vermont.gov/statutes/section/11/021/03032
Published: 2015

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The Vermont Statutes Online



Title

11

:
Corporations, Partnerships and Associations






Chapter

021

:
LIMITED LIABILITY COMPANIES






Subchapter

002
:
ORGANIZATION








[Section 3032 repealed effective July 1, 2016.]

[Section 3032 repealed effective July 1,

2016.]

§

3032. When property is limited liability company property

(a) Property is

limited liability company property if acquired in the name of:

(1) the limited

liability company; or

(2) one or more

members with an indication in the instrument transferring title to the property

of the person's capacity as a member or of the existence of a limited liability

company, but without an indication of the name of the limited liability

company.

(b) Property is

presumed to be limited liability company property if purchased with limited

liability company assets, even if not acquired in the name of the limited

liability company or of one or more members with an indication in the

instrument transferring title to the property of the person's capacity as a

member or of the existence of a limited liability company.

(c) Property

acquired in the name of one or more of the members, without an indication in

the instrument transferring title to the property of the person's capacity as a

member or of the existence of a limited liability company and without use of

limited liability company assets, is presumed to be separate property, even if

used for limited liability company purposes. (Added 1995, No. 179 (Adj. Sess.),

§ 4.)
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