56a-204. When property is partnership property. - Kansas Statutes

56a-204

Chapter 56a.--KANSAS UNIFORM PARTNERSHIP ACT Article 2.--NATURE OF PARTNERSHIP

      56a-204.   When property is partnershipproperty.(a) Property is partnership property if acquiredin the name of:

      (1)   The partnership; or

      (2)   one or more partners with an indication in theinstrument transferring title to the property of the person'scapacity as a partner or of the existence of a partnership butwithout an indication of the name of the partnership.

      (b)   Property is acquired in the name of the partnershipby a transfer to:

      (1)   The partnership in its name; or

      (2)   one or more partners in their capacity aspartners in the partnership, if the name of the partnership isindicated in the instrument transferring title to the property.

      (c)   Property is presumed to be partnership property ifpurchased with partnership assets, even if not acquired in the nameof the partnership or of one or more partners with an indication inthe instrument transferring title to the property of the person'scapacity as a partner or of the existence of a partnership.

      (d)   Property acquired in the name of one or more of thepartners, without an indication in the instrument transferringtitle to the property of the person's capacity as a partner or ofthe existence of a partnership and without use of partnershipassets, is presumed to be separate property, even if used forpartnership purposes.

      History:   L. 1998, ch. 93, § 11; Jan. 1, 1999.