Title 14, Chapter 8, Section 8
( 14-8-8)
(a) Subject to subsection (d) of this Code section, property,
whether real or personal, is presumed to be partnership property
where: (1) It is included as such in the agreement of partnership or described in any recorded statement of partnership under Code Section 14-8-10.1; or (2) It is acquired in the partnership name. (b) Subject to subsection (d) of this Code section, property is
presumed to be partnership property if it is purchased with
partnership funds even though the title or other interest is
acquired in the name of an individual partner or partners. (c) Subject to paragraph (1) of subsection (a) and subsection (d) of
this Code section, where property is acquired in the name of an
individual partner or partners without use of partnership funds the
property shall be presumed to be the separate property of that
individual partner or partners even though the property was used for
partnership purposes. (d) Real property and other property held of public record otherwise
than in the partnership name, the ownership of which is customarily
publicly recorded, shall not be deemed to be partnership property to
the prejudice of a person who is not a partner and who did not have
actual knowledge to the contrary. (e) Where property was partnership property under a predecessor
partnership, the business of which was continued under a new or
reconstituted partnership, the presumption of subsection (c) of this
Code section shall not be applicable and whether such property is to
be considered partnership property of the new partnership or the
separate property of the surviving members of the predecessor
partnership shall be determined on the basis of the intention of the
parties. (f) Any estate in real property may be acquired in the partnership name and title to any estate so acquired shall vest in the partnership itself rather than in the partners individually. Title may be conveyed in accordance with Code Section 14-8-10. (g) A conveyance to a partnership in the partnership name, though
without words of inheritance, passes the entire estate of the
grantor unless a contrary intent appears. |