Conveyance of partnership property

Title transferred – if title in the partnership name, and conveyance in the partnership name but through
a partner

Can the partnership recover- generally NO, but Yes if;

1. Not in the ordinary course of business

2. Third party buyer know that the partner has no authority to convey

Title of Property in the partnership name, but the conveyance in the partner’s name – no transfer of
property but there is transfer of equitable interest

Title in the name of the partners, conveyance in the name of the partners – title is transferred

Can the partnership recover? NO. But yes if;

1. Not in the usual course of business

2. Third party buyer know that the partner has no authority to convey
3.

Title in the name of the partners, conveyance in the name of the partnership – title is not transferred,
but equitable interest is.

THERE IS NO PARTNERSHIP BY ESTOPPEL. There is only LIABILITY BY ESTOPPEL.

AS long as the partner did not consent, he cannot be held liable.

Rescission of a contract of partnership, under the following grounds

1. Fraud
2. Misrepresentation

Order of Priority in Liquidation - Regular

1. Partnership Creditors
2. Partner as creditors
3. Capital of partners
4. Profit-sharing, for excess