Okla. Stat. tit. 54, § 54-1-302
This is the official text of Okla. Stat. tit. 54, § 54-1-302, part of Oklahoma’s Stat. tit. 54, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 54,." Browse the sections below, each linked to its official government source.
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Transfer of Partnership Property
Official statutory text
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 15 of this act, 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 13 of
this act and:
(1) as to a subsequent transferee who gave value for property
transferred under paragraphs (1) and (2) of subsection (a) 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 paragraph (3) of subsection (a) 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.
be transferred as follows:
(1) Subject to the effect of a statement of partnership
authority under Section 15 of this act, 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 13 of
this act and:
(1) as to a subsequent transferee who gave value for property
transferred under paragraphs (1) and (2) of subsection (a) 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 paragraph (3) of subsection (a) 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.
Status: in_force · Read it on the official government site
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