Maine Revised Statutes Title 31 Sec. 1024 – When property is partnership property
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1. Partnership property. Property is partnership property if acquired in the name of:
A. The partnership; or [PL 2005, c. 543, Pt. A, §2 (NEW).]
B. 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. [PL 2005, c. 543, Pt. A, §2 (NEW).]
[PL 2005, c. 543, Pt. A, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 31 Sec. 1024
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Partnership: means an association of 2 or more persons to carry on as co-owners a business for profit formed under section 1022, predecessor law or comparable law of another jurisdiction. See Maine Revised Statutes Title 31 Sec. 1001
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual, corporation, limited liability company, business trust, estate, trust, partnership, association, joint venture, government, governmental subdivision, agency or instrumentality or any other legal or commercial entity. See Maine Revised Statutes Title 31 Sec. 1001
- Property: means all property, real, personal or mixed, tangible or intangible or any interest therein. See Maine Revised Statutes Title 31 Sec. 1001
- Transfer: includes an assignment, conveyance, lease, mortgage, deed and encumbrance. See Maine Revised Statutes Title 31 Sec. 1001
2. Property acquired by partnership. Property is acquired in the name of the partnership by a transfer to:
A. The partnership in its name; or [PL 2005, c. 543, Pt. A, §2 (NEW).]
B. 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. [PL 2005, c. 543, Pt. A, §2 (NEW).]
[PL 2005, c. 543, Pt. A, §2 (NEW).]
3. Presumed to be partnership property. 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.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
4. Presumed to be separate property. 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.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 2005, c. 543, §A2 (NEW).