358.100. Conveyance of real property of the partnership. - Missouri Statutes

Conveyance of real property of the partnership.

358.100. 1. Where title to real property is in thepartnership name, any partner may convey title to such propertyby a conveyance executed in the partnership name; but thepartnership may recover such property unless the partner's actbinds the partnership under the provisions of subsection 1 ofsection 358.090, or unless such property has been conveyed by thegrantee or a person claiming through such grantee to a holder forvalue without knowledge that the partner, in making theconveyance, has exceeded his authority.

2. Where title to real property is in the name of thepartnership, a conveyance executed by a partner, in his own name,passes the equitable interest of the partnership, provided theact is one within the authority of the partner under theprovisions of subsection 1 of section 358.090.

3. Where title to real property is in the name of one ormore but not all the partners, and the record does not disclosethe right of the partnership, the partners in whose name thetitle stands may convey title to such property, but thepartnership may recover such property if the partners' act doesnot bind the partnership under the provisions of subsection 1 ofsection 358.090, unless the purchaser or his assignee, is aholder for value, without knowledge.

4. Where the title to real property is in the name of one ormore or all the partners, or in a third person in trust for thepartnership, a conveyance executed by a partner in thepartnership name, or in his own name, passes the equitableinterest of the partnership, provided the act is one within theauthority of the partner under the provisions of subsection 1 ofsection 358.090.

5. Where the title to real property is in the names of allthe partners a conveyance executed by all the partners passes alltheir rights in such property.

(L. 1949 p. 506 § 10)