29-1014

29-1014. When property is partnership
property

A. Property is partnership property if acquired in the name of either:

1. The partnership.

2. 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
but without an indication of the name of the partnership.

B. Property is acquired in the name of the partnership by a transfer to either:

1. The partnership in its name.

2. One 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.

C. Property is presumed to be partnership property if it is purchased with
partnership assets, even if it is 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.

D. Property 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.