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New York Partnership Law Section 21 - Conveyance Of Real Property Of The Partnership.

Legal Research Home > New York Lawyer > Partnership > New York Partnership Law Section 21 - Conveyance Of Real Property Of The Partnership.

    § 21. Conveyance of real property of the partnership.  1. Where title
  to real property is in the partnership  name,  any  partner  may  convey
  title to such property by a conveyance executed in the partnership name;
  but  the  partnership may recover such property unless the partner's act
  binds the partnership under the provisions of subdivision one of section
  twenty, or unless such property has been conveyed by the  grantee  or  a
  person  claiming  through  such  grantee  to  a holder for value without
  knowledge that the partner, in making the conveyance, has  exceeded  his
  authority.
    2.  Where  title to real property is in the name of the partnership, a
  conveyance executed by a partner, in his own name, passes the  equitable
  interest  of  the  partnership,  provided  the  act  is  one  within the
  authority of the partner under the  provisions  of  subdivision  one  of
  section twenty.
    3.  Where title to real property is in the name of one or more but not
  all the partners, and the record does not  disclose  the  right  of  the
  partnership,  the  partners  in  whose  name the title stands may convey
  title to such property, but the partnership may recover such property if
  the partners' act does not bind the partnership under the provisions  of
  subdivision  one of section twenty, unless the purchaser or his assignee
  is a holder for value, without knowledge.
    4. Where the title to real property is in the name of one or  more  or
  all  the  partners, or in a third person in trust for the partnership, a
  conveyance executed by a partner in the partnership name, or in his  own
  name, passes the equitable interest of the partnership, provided the act
  is  one  within  the  authority  of  the partner under the provisions of
  subdivision one of section twenty.
    5. Where the title to real  property  is  in  the  names  of  all  the
  partners  a  conveyance  executed  by  all the partners passes all their
  rights in such property.

Last modified: August 9, 2006