§425-114  Partnership registrationstatement.  (a)  A filed registration statement supplements the authorityof a partner to enter into transactions on behalf of the partnership asfollows:

(1)  Except for transfers of real property, a grant ofauthority contained in a filed registration statement is conclusive in favor ofa person who gives value without knowledge to the contrary, so long as and tothe extent that a limitation on that authority is not then contained in thefiled registration statement.  A filed cancellation of a limitation onauthority revives the previous grant of authority.

(2)  A grant of authority to transfer real propertyheld in the name of the partnership contained in a certified copy of a filedregistration statement recorded in the office for recording transfers of thatreal property is conclusive in favor of a person who gives value withoutknowledge to the contrary, so long as and to the extent that a certified copyof a filed statement containing a limitation on that authority is not then ofrecord in the office for recording transfers of that real property.  Therecording in the bureau of conveyances of a certified copy of a filedcancellation of a limitation on authority revives the previous grant ofauthority.

(b)  A person not a partner is deemed to knowof a limitation on the authority of a partner to transfer real property held inthe name of the partnership if a certified copy of the filed registrationstatement containing the limitation on authority is of record in the bureau ofconveyances.

(c)  Except as otherwise provided insubsections (a) and (b) and sections 425-136 and 425-142, a person not apartner is not deemed to know of a limitation on the authority of a partnermerely because the limitation is contained in a filed registration statement.[L 1999, c 284, pt of §1]