§ 7-12-21 - Conveyance of real property of the partnership. - Rhode Island Statutes

SECTION 7-12-21

   § 7-12-21  Conveyance of real property ofthe partnership. – (a) Where title to real property is in the partnership name, any partner mayconvey title to the property by a conveyance executed in the partnership name;but the partnership may recover the property unless the partner's act binds thepartnership under the provisions of § 7-12-20(a), or unless the propertyhas been conveyed by the grantee or a person claiming through the grantee to aholder for value without knowledge that the partner, in making the conveyance,has exceeded his or her authority.

   (b) Where title to real property is in the name of thepartnership, a conveyance executed by a partner, in his or her own name, passesthe equitable interest of the partnership, provided the act is one within theauthority of the partner under the provisions of subsection (a) of §7-12-20.

   (c) Where title to real property is in the name of one ormore but not all the partners, and the record does not disclose the right ofthe partnership, the partners in whose name the title stands may convey titleto the property, but the partnership may recover the property if the partners'act does not bind the partnership under the provisions of § 7-12-20(a)unless the purchaser or his or her assignee, is a holder for value, withoutknowledge.

   (d) Where the title to real property is in the name of one ormore or all of the partners, or in a third person in trust for the partnership,a conveyance executed by a partner in the partnership name, or in his or herown name, passes the equitable interest of the partnership, provided the act isone within the authority of the partner under the provision of §7-12-20(a).

   (e) Where the title to real property is in the names of allthe partners a conveyance executed by all the partners passes all their rightsin the property.