[§425-110] Conveyance of real property of the partnership. [Repealed July 1, 2000. For new provision, see below.] (1) Where title to real property is in the partnership name, any partner can convey title to such property by a conveyance executed in the partnership name; but the partnership may recover such property unless the partner's act binds the partnership under the provisions of paragraph (1) of section 425-109, or unless such property has been conveyed by the grantee or a person claiming through such grantee to a holder for value without knowledge that the partner, in making the conveyance, has exceeded the partner's authority.

(2) Where title to real property is in the name of the partnership, a conveyance executed by a partner, in the partner's own name, passes the equitable interest of the partnership, provided the act is one within the authority of the partner under the provisions of paragraph (1) of section 425-109.

(3) Where title to real property is in the name of one or more but not all the partners, and the record does not disclose the right of the partnership, the partners in whose name the title stands may convey title to such property, but the partnership may recover such property if the partners' act does not bind the partnership under the provisions of paragraph (1) of section 425-109, unless the purchaser or the purchaser's assignee, is a holder for value, without knowledge.

(4) Where the title to real property is in the name of one or more or all the partners, or a third person in trust for the partnership, a conveyance executed by a partner in the partnership name, or in the partner's own name, passes the equitable interest of the partnership, provided the act is one within the authority of the partner under the provisions of paragraph (1) of section 425-109.

(5) Where the title to real property is in the names of all the partners a conveyance executed by all the partners passes all their rights in such property. [L 1972, c 17, §10; gen ch 1985]

§425-110 Partnership property. [Section effective July 1, 2000. For present provision, see above.] Property acquired by a partnership is property of the partnership and not of the partners individually. [L 1999, c 284, pt of §1]