N.Y. Partnership Law § 21: Conveyance of real property of the partnership

§ 21. Conveyance of real property of the partnership. 1. Where title

to real property is in the partnership name, any partner may convey

title to such property by a conveyance executed in the partnership name;

but the partnership may recover such property unless the partner's act

binds the partnership under the provisions of subdivision one of section

twenty, or unless such property has been conveyed by the grantee or a

person claiming through such grantee to a holder for value without

knowledge that the partner, in making the conveyance, has exceeded his

authority.

2. Where title to real property is in the name of the partnership, a

conveyance executed by a partner, in his own name, passes the equitable

interest of the partnership, provided the act is one within the

authority of the partner under the provisions of subdivision one of

section twenty.

3. Where title to real property is in the name of one or more but not

all the partners, and the record does not disclose the right of the

partnership, the partners in whose name the title stands may convey

title to such property, but the partnership may recover such property if

the partners' act does not bind the partnership under the provisions of

subdivision one of section twenty, unless the purchaser or his assignee

is a holder for value, without knowledge.

4. Where the title to real property is in the name of one or more or

all the partners, or in a third person in trust for the partnership, a

conveyance executed by a partner in the partnership name, or in his own

name, passes the equitable interest of the partnership, provided the act

is one within the authority of the partner under the provisions of

subdivision one of section twenty.

5. Where the title to real property is in the names of all the

partners a conveyance executed by all the partners passes all their

rights in such property.