50-73.90 - When property is partnership property. - Virginia Statutes

§ 50-73.90. When property is partnership property.

A. Property is partnership property if acquired in the name of:

1. The partnership; or

2. One or more partners with an indication in the instrument transferringtitle to the property of the person's capacity as a partner or of theexistence of a partnership but without an indication of the name of thepartnership.

B. Property is acquired in the name of the partnership by a transfer to:

1. The partnership in its name; or

2. One or more partners in their capacity as partners in the partnership, ifthe name of the partnership is indicated in the instrument transferring titleto the property.

C. Property is presumed to be partnership property if purchased withpartnership assets, even if not acquired in the name of the partnership or ofone or more partners with an indication in the instrument transferring titleto the property of the person's capacity as a partner or of the existence ofa partnership.

D. Property acquired in the name of one or more of the partners, without anindication in the instrument transferring title to the property of theperson's capacity as a partner or of the existence of a partnership andwithout use of partnership assets, is presumed to be separate property, evenif used for partnership purposes.

(1996, c. 292.)