(1) If, before June 24, 2015, an interest in property was by terms of a transfer purportedly transferred to an unincorporated nonprofit association but under the law of this Commonwealth the interest did not vest in the association, or in one (1) or more persons on behalf of the association under subsection (2) of this section, on June 24, 2015, the interest vests in the association, unless the parties to the transfer have treated the transfer as ineffective.
(2) If, before June 24, 2015, an interest in property was by terms of a transfer purportedly transferred to an unincorporated nonprofit association but the interest was vested in one (1) or more persons to hold the interest for or on behalf of the association or the members of the association, on or after June 24, 2015, the persons, or their successors in interest, may transfer the interest to the association in its name, or the association may require that the interest be transferred to it in its name.
Effective: June 24, 2015
History: Created 2015 Ky. Acts ch. 34, sec. 38, effective June 24, 2015.