Michigan Laws 449.8 – Partnership property; definition
Current as of: 2023 | Check for updates
|
Other versions
(Partnership property).
(1) All property originally brought into the partnership stock or subsequently acquired, by purchase or otherwise, on account of the partnership is partnership property;
Terms Used In Michigan Laws 449.8
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) Unless the contrary intention appears, property acquired with partnership funds is partnership property;
(3) Any estate in real property may be acquired in the partnership name. Title so acquired can be conveyed only in the partnership name;
(4) 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.