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Partnership | |
General and Limited Liability Partnerships | |
Section 5 | Partnership property. |
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48-1-5 (Repealed 07/01/12). Partnership property. All property originally brought into the partnership stock, or subsequently acquired by purchase or otherwise on account of the partnership, is partnership property. Unless the contrary intention appears, property acquired with partnership funds is partnership property. Any estate in real property may be acquired in the partnership name. Title so acquired can be conveyed only in the partnership name. A conveyance to a partnership in the partnership name, though without words of inheritance, passes the entire estate of the grantor, unless a contrary intent appears.
No Change Since 1953 |
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