§ 21 — Conveyance of real property of the partnership

New York § 21

• Jurisdiction: New York
• Law PTR: Partnership
• Art. 3: Relations of Partners to Persons Dealing With the Partnership

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§ 21. Conveyance of real property of the partnership. 1. Where title\nto real property is in the partnership name, any partner may convey\ntitle to such property by a conveyance executed in the partnership name;\nbut the partnership may recover such property unless the partner's act\nbinds the partnership under the provisions of subdivision one of section\ntwenty, or unless such property has been conveyed by the grantee or a\nperson claiming through such grantee to a holder for value without\nknowledge that the partner, in making the conveyance, has exceeded his\nauthority.\n 2. Where title to real property is in the name of the partnership, a\nconveyance executed by a partner, in his own name, passes the equitable\ninterest of the partnership, provided the act is one within the\nauthority of the partner under the provisions of subdivision one of\nsection twenty.\n 3. Where title to real property is in the name of one or more but not\nall the partners, and the record does not disclose the right of the\npartnership, the partners in whose name the title stands may convey\ntitle to such property, but the partnership may recover such property if\nthe partners' act does not bind the partnership under the provisions of\nsubdivision one of section twenty, unless the purchaser or his assignee\nis a holder for value, without knowledge.\n 4. Where the title to real property is in the name of one or more or\nall the partners, or in a third person in trust for the partnership, a\nconveyance executed by a partner in the partnership name, or in his own\nname, passes the equitable interest of the partnership, provided the act\nis one within the authority of the partner under the provisions of\nsubdivision one of section twenty.\n 5. Where the title to real property is in the names of all the\npartners a conveyance executed by all the partners passes all their\nrights in such property.\n