New Jersey Statutes 42:3-6. Real estate; purchase, ownership and disposition
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Terms Used In New Jersey Statutes 42:3-6
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit 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.
A limited partnership association may purchase and hold real estate and dispose of the same in fee simple, or less estate, the title thereof to be in the name adopted by the association, and shall be as valid and effectual as if the same were held in the individual names of the partners of the association.
The title to any real estate acquired by any such association prior to March twenty-third, one thousand eight hundred and eighty-three, and held in the association name on that date, shall be as valid as if the same had been acquired under this section.
Amended by L.1953, c. 40, p. 760, s. 5, eff. March 19, 1953.