§ 59-40. Conveyance of real property of the partnership.
§59‑40. Conveyance of real property of the partnership.
(a) Where title to realproperty is in the partnership name, any partner may convey title to suchproperty by a conveyance executed in the partnership name; but the partnershipmay recover such property unless the partner's act binds the partnership underthe provisions of subsection (a) of G.S. 59‑39, or unless such propertyhas been conveyed by the grantee or a person claiming through such grantee toholder for value without knowledge that the partner, in making the conveyance,has exceeded his authority.
(b) Where title to realproperty is in the name of the partnership, a conveyance executed by a partner,in his own name, passes the equitable interest of the partnership, provided theact is one within the authority of the partner under the provisions ofsubsection (a) of G.S. 59‑39.
(c) Where title to realproperty is in the name of one or more, but not all the partners, and therecord does not disclose the right of the partnership, the partners in whosename the title stands may convey title to such property, but the partnershipmay recover such property if the partners' act does not bind the partnershipunder the provisions of subsection (a) of G.S. 59‑39, unless thepurchaser or his assignee, is a holder for value, without knowledge.
(d) Where the title toreal property is in the name of one or more or all the partners, or in a thirdperson in trust for the partnership, a conveyance executed by a partner in thepartnership name, or in his own name, passes the equitable interest of thepartnership, provided the act is one within the authority of the partner underthe provisions of subsection (a) of G.S. 59‑39.
(e) Where the title toreal property is in the names of all the partners a conveyance executed by allthe partners passes all their rights in such property. (1941,c. 374, s. 10; 1959, c. 1161, s. 3.)