Maine § 31 §1032 Transfer of partnership property

Maine Statutes

§ 31 §1032 — Transfer of partnership property

Maine·Title 31 PARTNERSHIPS AND ASSOCIATIONS·Ch. 17 UNIFORM PARTNERSHIP ACT

1.Transfer of partnership property. Partnership property may be transferred as follows.

2.Recovery of property from transferee. A partnership may recover partnership property from a transferee only if the partnership proves that execution of the instrument of initial transfer did not bind the partnership under section 1031 and:

3.No recovery. A partnership may not recover partnership property from a subsequent transferee if the partnership would not have been entitled to recover the property, under subsection 2, from any earlier transferee of the property.

4.All partners' interests in one person. If a person holds all of the partners' interests in the partnership, all of the partnership property vests in that person. The person may execute a document in the name of the partnership to e

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1.
Transfer of partnership property.
Partnership property may be transferred as follows.
2.
Recovery of property from transferee.
A partnership may recover partnership property from a transferee only if the partnership proves that execution of the instrument of initial transfer did not bind the partnership under section 1031 and:
3.
No recovery.
A partnership may not recover partnership property from a subsequent transferee if the partnership would not have been entitled to recover the property, under subsection 2, from any earlier transferee of the property.
4.
All partners' interests in one person.
If a person holds all of the partners' interests in the partnership, all of the partnership property vests in that person. The person may execute a document in the name of the partnership to evidence vesting of the property in that person and may file or record the document.

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