North Carolina § 59-38 Partnership property

North Carolina Statutes

§ 59-38 — Partnership property

North Carolina·Ch. 59 Partnership·Art. 2 Uniform Partnership Act

(a)All property originally brought into the partnership stock or subsequently acquired by purchase or otherwise, on account of the partnership, is partnership property.

(b)Unless the contrary intention appears, property acquired with partnership funds is partnership property.

(c)Any estate in real property may be acquired in the partnership name. Title so acquired can be conveyed only in the partnership name.

(d)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. (1941, c. 374, s. 8.) Part 3. Relations of Partners to Persons Dealing with the Partnership.

Free access — add to your briefcase to read the full text and ask questions with AI

(a) All property originally brought into the partnership stock or subsequently acquired by purchase or otherwise, on account of the partnership, is partnership property.
(b) Unless the contrary intention appears, property acquired with partnership funds is partnership property.
(c) Any estate in real property may be acquired in the partnership name. Title so acquired can be conveyed only in the partnership name.
(d) 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. (1941, c. 374, s. 8.)
Part 3. Relations of Partners to Persons Dealing with the Partnership.

North Carolina § 59-38 (Partnership property) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.