1. Where title to real property is in the partnership name, any partner may convey title to the property by a conveyance executed in the partnership name; but the partnership may recover such property unless the partner's act binds the partnership under the provisions of section 486.9, subsection 1, or unless the property has been conveyed by the grantee or a person claiming through the grantee to a holder for value without knowledge that the partner, in making the conveyance, has exceeded the partner's authority.
2. Where title to real property is in the name of the partnership, a conveyance executed by a partner, in the partner's own name, passes the equitable interest of the partnership, provided the act is within the authority of the partner under the provisions of section 486.9, subsection 1.
3. Where title to real property is in the name of one or more but not all the partners, and the record does not disclose the right of the partnership, the partners in whose name the title stands may convey title to the property, but the partnership may recover the property if the partners' act does not bind the partnership under the provisions of section 486.9, subsection 1, unless the purchaser or the purchaser's assignee, is a holder for value, without knowledge.
4. Where the title to real property is in the name of one or more or all the partners, or in a third person in trust for the partnership, a conveyance executed by a partner in the partnership name, or in the partner's own name, passes the equitable interest of the partnership, provided the act is one within the authority of the partner under the provisions of section 486.9, subsection 1.
5. Where the title to real property is in the names of all the partners a conveyance executed by all the partners passes all their rights in the property.
[C73, 75, 77, 79, 81, § 544.10]
C93, § 486.10
Chapter repealed effective January 1, 2001; 98 Acts, ch 1201, § 78
For provisions applicable to certain partnerships on or after January 1, 1999, and requirements applicable on or after January 1, 2001, see chapter 486A
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