Section 449.8 - Partnership property; definition.
UNIFORM PARTNERSHIP ACT (EXCERPT)
Act 72 of 1917
449.8 Partnership property; definition.
Sec. 8.
(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.
History: 1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9848 ;-- CL 1948, 449.8