N.Y. Partnership Law Section 12
Partnership property

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.

Source: Section 12 — Partnership property, https://www.­nysenate.­gov/legislation/laws/PTR/12 (updated Sep. 22, 2014; accessed Dec. 21, 2024).

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Accessed:
Dec. 21, 2024

Last modified:
Sep. 22, 2014

§ 12’s source at nysenate​.gov

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