Property acquired by a partnership is property of the partnership and not of the partners individually.

History: Laws 1996, ch. 53, § 203.

Oral partnership agreement involving land is enforceable. Citizens Bank v. Williams, 1981-NMSC-059, 96 N.M. 373, 630 P.2d 1228.

Property found to be partnership asset. — When two brothers equally were engaged in maintaining a business, and they likewise were engaged equally in retiring the indebtedness on properties ostensibly purchased for the partnership, but held in only one brother's name, the jury was entitled to conclude that the properties were an asset of the partnership. Bassett v. Bassett, 1990-NMSC-070, 110 N.M. 559, 798 P.2d 160.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 59A Am. Jur. 2d Partnership § 329 et seq.

Partition of partnership real property, 77 A.L.R. 300.

Powers, duties and accounting responsibilities of managing partner of mining partnership, 24 A.L.R.2d 1359.

Lessee interest of individual as becoming partnership asset of firm subsequently formed, 37 A.L.R.2d 1076.

When real estate owned by partner before formation of partnership will be deemed to have become assets of the firm, 45 A.L.R.2d 1009.

Meaning and coverage of "book value" in partnership agreement in determining value of partner's interest, 47 A.L.R.2d 1425.

Civil liability of one partner to another or to the partnership based on partner's personal purchase of partnership property during existence of partnership, 37 A.L.R.4th 494.

68 C.J.S. Partnership § 69 et seq.