The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
003
:
RELATIONS OF PARTNERS TO PERSONS DEALING WITH PARTNERSHIP
(Cite as: 11 V.S.A. § 3222)
-
§ 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.)