[§425-108] Partnership property. [Repealed July 1, 2000. For new provision, see below.] (1) All property originally brought into the partnership stock or subsequently acquired by purchase or otherwise, on account of the partnership, is partnership property.

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

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

(4) 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. [L 1972, c 17, §8]

NATURE OF PARTNERSHIP

§425-108 Partnership as entity. [Section effective July 1, 2000. For present provision, see above.] (a) A partnership is an entity distinct from its partners.

(b) A limited liability partnership continues to be the same entity that existed before the filing of a certificate of limited liability partnership under section 425-153. [L 1999, c 284, pt of §1]