North Carolina General Statutes 59-38. Partnership property
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Terms Used In North Carolina General Statutes 59-38
- 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: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) All property originally brought into the partnership stock or subsequently acquired by purchase or otherwise, on account of the partnership, is partnership property.
(b) Unless the contrary intention appears, property acquired with partnership funds is partnership property.
(c) Any estate in real property may be acquired in the partnership name. Title so acquired can be conveyed only in the partnership name.
(d) 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. (1941, c. 374, s. 8.)