48-1-7 - Conveyance of real property of partnership.
48-1-7. Conveyance of real property of partnership.
Where title to real property is in the partnership name, any partner may convey title tosuch property by a conveyance executed in the partnership name; but the partnership may recoversuch property, unless the partner's act binds the partnership under the provisions of Section48-1-6(1), or unless such property has been conveyed by the grantee or a person claiming throughsuch grantee to a holder for value without knowledge that the partner in making the conveyancehas exceeded his authority.
Where title to real property is in the name of the partnership a conveyance executed by apartner in his own name passes the equitable interest of the partnership, provided the act is onewithin the authority of the partner under the provisions of Section 48-1-6(1).
Where title to real property is in the name of one or more but not all of the partners, andthe record does not disclose the right of the partnership, the partners in whose name the titlestands may convey title to such property, but the partnership may recover such property, if thepartners' act does not bind the partnership under the provisions of Section 48-1-6(1), unless thepurchaser or his assignee is a holder for value without knowledge.
Where the title to real property is in the name of one or more or all of the partners, or in athird person in trust for the partnership, a conveyance executed by a partner in the partnershipname, or in his own name, passes the equitable interest of the partnership, provided the act is onewithin the authority of the partner under the provisions of Section 48-1-6(1).
Where the title to real property is in the names of all the partners a conveyance executedby all the partners passes all their rights in such property.
No Change Since 1953