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New York Partnership Law Section 12 - Partnership PropertyLegal Research Home > New York Lawyer > Partnership > New York Partnership Law Section 12 - Partnership Property
§ 12. Partnership property. 1. All property originally brought into
the partnership stock or subsequently acquired, by purchase or
otherwise, on account of the partnership is partnership property.
2. Unless the contrary intention appears, property acquired with
partnership funds is partnership property.
3. Any estate in real property may be acquired in the partnership
name. Title so acquired can be conveyed only in the partnership name.
4. 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.
Last modified: August 9, 2006 |