Texas Business Organizations Code - Section 152.102. Classification As Partnership Property
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§ 152.102. CLASSIFICATION AS PARTNERSHIP PROPERTY. (a)
Property is partnership property if acquired in the name of:
(1) the partnership; or
(2) one or more partners, regardless of whether the
name of the partnership is indicated, if the instrument
transferring title to the property indicates:
(A) the person's capacity as a partner; or
(B) the existence of a partnership.
(b) Property is presumed to be partnership property if
acquired with partnership property, regardless of whether the
property is acquired as provided by Subsection (a).
(c) Property acquired in the name of one or more partners is
presumed to be the partner's property, regardless of whether the
property is used for partnership purposes, if the instrument
transferring title to the property does not indicate the person's
capacity as a partner or the existence of a partnership, and if the
property is not acquired with partnership property.
(d) For purposes of this section, property is acquired in
the name of the partnership by a transfer to:
(1) the partnership in its name; or
(2) one or more partners in the partners' capacity as
partners in the partnership, if the name of the partnership is
indicated in the instrument transferring title to the property.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 152.051 152.052 152.053 152.054 152.055 152.056 152.101 152.102 152.201 152.202 152.203 152.204 152.205 152.206 152.207
Last modified: August 11, 2007
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