Montana Code 35-10-203. Partnership property
35-10-203. Partnership property. (1) Property transferred to or otherwise acquired by a partnership is property of the partnership and not of the partners individually.
Terms Used In Montana Code 35-10-203
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Property: means real and personal property. See Montana Code 1-1-205
(2)Property is partnership property if acquired in the name of:
(a)the partnership; or
(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.
(3)Property is acquired in the name of the partnership by a transfer to:
(a)the partnership in its name; or
(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.
(4)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.
(5)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.