As Amended
SEC. 79-12-15. What constitutes 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. This subsection (4) shall apply to all conveyances to a partnership in the partnership name heretofore made, provided, however, any person having a cause of action, because of such conveyance as of April 1, 1977, may commence suit on such cause of action within one (1) year of said date, unless such cause of action be sooner barred by existing law, and not afterwards.
SOURCES: Laws, 1976, ch. 407, Sec. 8, eff from and after April 1, 1977.