Vermont § 3222 - Transfer of partnership property

§ 3222. 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 3223 of this title, 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. (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. (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 3221 of this title; and (1) as to a subsequent transferee who gave value for property transferred under subdivisions
  (a)(1) and (2) of this section, proves that the subsequent transferee knew or had
  received a notification 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 subdivision (a)(3)
  of this section, proves that the transferee knew or had received a notification 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) of this section, 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. (Added 1997, No. 149 (Adj. Sess.), § 1, eff. Jan. 1, 1999.)