§425-111  When property is partnership
property.  (a)  Property is partnership property if acquired in the name
of:



(1)  The partnership; or



(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:



(1)  The partnership in its name; or



(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 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.



(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. [L 1999, c 284, pt of
§1]