North Carolina § 59-38 Partnership property

North Carolina Statutes

§ 59-38 — Partnership property

North Carolina § 59-38

Ch. 59Partnership

Art. 2Uniform Partnership Act

This text of North Carolina § 59-38 (Partnership property) is published on Counsel Stack Legal Research, covering North Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.C. Gen. Stat. § 59-38 (2026).

Text

(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.

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(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.