SECTION 620.8204. When property is partnership property.
Latest version.
1(1) 2Property is partnership property if acquired in the name of:
12(a) 13The partnership; or
16(b) 17One or more partners with an indication in the instrument transferring title to the property of the person’s capacity as a partner or of the existence of a partnership but without an indication of the name of the partnership.
56(2) 57Property is acquired in the name of the partnership by a transfer to:
70(a) 71The partnership in its name; or
77(b) 78One or more partners in their capacity as partners in the partnership, if the name of the partnership is indicated in the instrument transferring title to the property.
106(3) 107Property is presumed to be partnership property if purchased with partnership assets, even if not acquired in the name of the partnership or of one or more partners with an indication in the instrument transferring title to the property of the person’s capacity as a partner or of the existence of a partnership.
160(4) 161Property acquired in the name of one or more of the partners, without an indication in the instrument transferring title to the property of the person’s capacity as a partner or of the existence of a partnership and without use of partnership assets, is presumed to be separate property, even if used for partnership purposes.
