(1) All property originally brought into the partnership stock or subsequently acquired by purchase or otherwise on account of the partnership is partnership property.
(2) Unless the contrary intention appears, property acquired with partnership funds is partnership property.
(3) Any estate in real property may be acquired in the partnership name. Title so acquired can be conveyed only in the partnership name.
(4) A conveyance to a partnership in the partnership name, though without words of inheritance, passes the entire estate of the grantor unless a contrary intent appears.
Source: L. 31: p. 648, § 8. CSA: C. 123, § 8. CRS 53: § 104-1-8. C.R.S. 1963: § 104-1-8.
ANNOTATION
Law reviews. For article, "One Year Review of Agency, Partnerships, and Corporations", see 39 Dicta 61 (1962).
The intent of the parties with respect to the issue of contribution of individually held property to the partnership is a question of fact and several factors reflecting the parties' intent shall be weighed by the fact finder. Standring v. Standring, 794 P.2d 1089 (Colo. App. 1990).
Property acquired with partnership funds is presumed to belong to the partnership unless it is shown that all the partners had a contrary intention. This presumption is not negated by property so acquired being placed in the name of one of the individual members. Oswald v. Dawn, 143 Colo. 487, 354 P.2d 505 (1960); Wise v. Nu-Tone Prods. Co., 148 Colo. 574, 367 P.2d 346 (1961).
Mutual abandonment of proposed partnership entails return to status quo as to real property. Where real estate is purchased by one partner to be used by a proposed partnership and the suggested partnership is mutually rescinded and abandoned, it is for both parties to return to status quo. Acker v. Johns, 121 Colo. 336, 216 P.2d 426 (1950).
Where an insurance policy is issued on the life of one member of a partnership with the other partner being the beneficiary, the partnership as contingent beneficiary, and the premiums paid from partnership funds, such policy constitutes a partnership asset in the absence of evidence to indicate a contrary intention on the part of the partners. Wise v. Nu-Tone Prods. Co., 148 Colo. 574, 367 P.2d 346 (1961).
And the cash value of such a policy during the lifetime of the insured is a partnership asset where all premiums are paid with partnership funds. Wise v. Nu-Tone Prods. Co., 148 Colo. 574, 367 P.2d 346 (1961).
Moreover, the fact that an accountant does not include the case value of an insurance policy as an asset of the partnership is not always significant in determining whether it is a partnership asset. Wise v. Nu-Tone Prods. Co., 148 Colo. 574, 367 P.2d 346 (1961).
Where deeds of trust to property owned by the partnership are signed only by the partners in their individual capacity and are recorded under the partners' names, there was no indication in the record of a conveyance by the partnership and the bankruptcy trustee was not charged with constructive knowledge of the deeds of trust signed by the individual partners. Nile Valley Fed. Sav. & Loan Ass'n v. Sec. Title Guarantee Corp., 813 P.2d 849 (Colo. App. 1991).
Applied in Frazier v. Carlin, 42 Colo. App. 226, 591 P.2d 1348 (1979).