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.
Caution: The above language was taken from Arizona’s statutes on November 12, 2016. Check the Arizona legislature’s website to determine if this statute changed after November 12, 2016.