If, before July 1, 1994, an estate or interest in real or personal property was purportedly
transferred to a nonprofit association, on July 1, 1994, the estate or interest vests
in the nonprofit association, unless the parties had treated the transfer as ineffective. No such purported transfer of real property shall impart notice pursuant to section 38-35-109, C.R.S., until the date after July 1, 1994, a deed or other proper instrument conveying
such estate or interest in real property is recorded in the office of the clerk and
recorder of the county or city and county in which such real property is located.
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