§ 23-4-1-10 — Conveyance of real property of 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 section 9(1) of this chapter, 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 section 9(1) of this
chapter.
(3) Where title to real property is in the name of one (1) 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
section 9(1) of this chapter, 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 (1) 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
section 9(1) of this chapter.
(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.
Formerly: Acts 1949, c.114, s.10. As amended by P.L.34-1987,
SEC.293.