1. I. All property originally brought into the partnership stock or subsequently acquired by purchase or otherwise, on account of the partnership, is partnership property.
2. II. Unless the contrary intention appears, property acquired with partnership funds is partnership property.
3. III. Any estate in real property may be acquired in the partnership name. Title so acquired can be conveyed only in the partnership name.
4. IV. A conveyance to a partnership in the partnership name, though without words of inheritance, passes the entire estate of the grantor unless a contrary intent appears.
5. V. All estates in real property acquired by a partnership and standing in the partnership name as of August 29, 1973, shall be valid without further act by the partnership or any of its members.

Source. 1973, 378:1, eff. Aug. 29, 1973.