§425-113  Transfer of partnership property. 
(a)  Partnership property may be transferred as follows:



(1)  Subject to the effect of a partnership
registration statement filed under section 425-1, partnership property held in
the name of the partnership may be transferred by an instrument of transfer
executed by a partner in the partnership name.



(2)  Partnership property held in the name of one or
more partners with an indication in the instrument transferring the property to
them of their capacity as partners or of the existence of a partnership, but
without an indication of the name of the partnership, may be transferred by an
instrument of transfer executed by the persons in whose name the property is
held.



(3)  Partnership property held in the name of one or
more persons other than the partnership, without an indication in the
instrument transferring the property to them of their capacity as partners or
of the existence of a partnership, may be transferred by an instrument of
transfer executed by the persons in whose name the property is held.



(b)  A partnership may recover partnership
property from a transferee only if it proves that execution of the instrument
of initial transfer did not bind the partnership under section 425-112 and:



(1)  As to a subsequent transferee who gave value for
property transferred under subsection (a)(1) and (2), proves that the
subsequent transferee knew or had received a notification that the person who
executed the instrument of initial transfer lacked authority to bind the
partnership; or



(2)  As to a transferee who gave value for property
transferred under subsection (a)(3), proves that the transferee knew or had
received a notification that the property was partnership property and that the
person who executed the instrument of initial transfer lacked authority to bind
the partnership.



(c)  A partnership may not recover partnership
property from a subsequent transferee if the partnership would not have been
entitled to recover the property, under subsection (b), from any earlier
transferee of the property.



(d)  If a person holds all of the partners'
interests in the partnership, all of the partnership property vests in that
person.  The person may execute a document in the name of the partnership to
evidence vesting of the property in that person and may file or record the
document. [L 1999, c 284, pt of §1]