Georgia § 14-8-8 - Determination of ownership of property.

§ 14-8-8. Determination of ownership of property.

Subject to subsection (d) of this Code section, property, whether real or personal, is presumed to be partnership property where: It is included as such in the agreement of partnership or described in any recorded statement of partnership under Code Section 14-8-10.1; or It is acquired in the partnership name. Subject to subsection (d) of this Code section, 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. Subject to paragraph (1) of subsection (a) and subsection (d) of this Code 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. Real property and other property held of public record otherwise than in the partnership name, the ownership of which is customarily publicly recorded, shall not be deemed to be partnership property to the prejudice of a person who is not a partner and who did not have actual knowledge to the contrary. Where property was partnership property under a predecessor partnership, the business of which was continued under a new or reconstituted partnership, the presumption of subsection (c) of this Code 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. Any estate in real property may be acquired in the partnership name and title to any estate so acquired shall vest in the partnership itself rather than in the partners individually. Title may be conveyed in accordance with Code Section 14-8-10. 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. (Code 1981, § 14-8-8 , enacted by Ga. L. 1984, p. 1439, § 1.) Code Commission notes. - Pursuant to Code Section 28-9-5, in 1985, in paragraph (a)(1) "Code Section 14-8-10.1" was substituted for "Code Section 14-8-10A." Law reviews. - For article surveying business associations developments in Georgia from mid-1980 through mid-1981 concerning partnerships and corporations, see 33 Mercer L. Rev. 19 (1981).