2007 Minnesota Statutes

323A.0302 TRANSFER OF PARTNERSHIP PROPERTY.
(a) Partnership property may be transferred as follows:
(1) Subject to the effect of a statement of partnership authority under section 323A.0303,
partnership property held in the name of the partnership may be transferred by an instrument of
transfer executed by a partner in the partnership name.
(2) Partnership property held in the name of one or more partners with an indication in the
instrument transferring the property to them of their capacity as partners or of the existence of a
partnership, but without an indication of the name of the partnership, may be transferred by an
instrument of transfer executed by the persons in whose name the property is held, without the
necessity of an instrument of transfer executed by a partner in the partnership name.
(3) Partnership property held in the name of one or more persons other than the partnership,
without an indication in the instrument transferring the property to them of their capacity as
partners or of the existence of a partnership, may be transferred by an instrument of transfer
executed by the persons in whose name the property is held, without the necessity of an instrument
of transfer executed by a partner in the partnership name.
(b) A partnership may recover partnership property from a transferee only if it proves
that execution of the instrument of initial transfer did not bind the partnership under section
323A.0301 and:
(1) as to a subsequent transferee who gave value for property transferred under subsection
(a)(1) and (2), proves that the subsequent transferee knew that the person who executed the
instrument of initial transfer lacked authority to bind the partnership; or
(2) as to a transferee who gave value for property transferred under subsection (a)(3), proves
that the transferee knew that the property was partnership property and that the person who
executed the instrument of initial transfer lacked authority to bind the partnership.
(c) A partnership may not recover partnership property from a subsequent transferee if the
partnership would not have been entitled to recover the property, under subsection (b), from
any earlier transferee of the property.
(d) If a person holds all of the partners' interests in the partnership, all of the partnership
property vests in that person. The person may execute a document in the name of the partnership
to evidence vesting of the property in that person and may file or record the document.
History: 1997 c 174 art 3 s 13