Section 10-8-70

(Repealed effective January 1, 2001) Presumptions as to partnership property.

(a) Property, whether real or personal, is presumed to be partnership property where:

(1) It is included as such in the agreement of partnership; or

(2) It is acquired in the partnership name.

(b) Property is presumed to be partnership property if it is purchased with partnership funds even though the title or other interest is acquired in the name of an individual partner or partners.

(c) Subject to subdivision (a) (1) of this section, where property is acquired in the name of an individual partner or partners without use of partnership funds, the property shall be presumed to be the separate property of that individual partner or partners even though the property was used for partnership purposes.

(d) Where property was partnership property under a predecessor partnership, the business of which was continued under a new reconstituted partnership, the presumption of subsection (c) of this section shall not be applicable, and whether such property is to be considered partnership property of the new partnership or the separate property of the surviving members of the predecessor partnership shall be determined on the basis of the intention of the parties.

(e) Any estate in real property may be acquired in the partnership name. Title so acquired can be conveyed only in the partnership name.

(Acts 1971, No. 1513, p. 2609, §8.)