Missouri Laws 358.080 – Partnership property
Current as of: 2023 | Check for updates
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1. All property originally brought into the partnership stock or subsequently acquired by purchase or otherwise, on account of the partnership is partnership property.
2. Unless the contrary intention appears, property acquired with partnership funds is partnership property.
Terms Used In Missouri Laws 358.080
- Grantor: The person who establishes a trust and places property into it.
- 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.
- Property: includes real and personal property. See Missouri Laws 1.020
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
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.