(a) Partnership property held in the name of the partnership may be transferred by an instrument of transfer executed by a partner in the name of the partnership.
(b) 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.
(c) 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.
(2) 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 ORS 67.090 and:
(a) As to a subsequent transferee who gave value for property transferred under subsection (1)(a) and (b) of this section, proves that prior to the transfer to the subsequent transferee, 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
(b) As to a transferee who gave value for property transferred under subsection (1)(c) of this section, proves that prior to the transfer to the transferee, 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.
(3) 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 (2) of this section, from any earlier transferee of the property.
(4) If a person holds all the partners’ interests in the partnership, all 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. [1997 c.775 §12]
Structure 2021 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 067 - Partnerships; Limited Liability Partnerships
Section 67.011 - Filing requirements.
Section 67.017 - Effective time and date of document.
Section 67.021 - Filing duty of Secretary of State.
Section 67.024 - Appeal from actions of Secretary of State.
Section 67.027 - Evidentiary effect of copy of filed document.
Section 67.030 - Certificate of existence or authorization.
Section 67.040 - Knowledge and notice.
Section 67.042 - Effect of partnership agreement; nonwaivable provisions.
Section 67.044 - Supplemental principles of law.
Section 67.046 - Governing law.
Section 67.050 - Partnership as entity.
Section 67.055 - Creation of partnership.
Section 67.065 - When property is partnership property.
Section 67.090 - Partner agent of partnership.
Section 67.095 - Transfer of partnership property.
Section 67.100 - Partnership liable for partner’s actionable conduct.
Section 67.105 - Partner’s liability.
Section 67.110 - Actions by and against partnership and partners.
Section 67.115 - Liability of purported partner.
Section 67.140 - Partner’s rights and duties.
Section 67.150 - Partner’s rights and duties with respect to information.
Section 67.155 - General standards of partner’s conduct.
Section 67.160 - Actions by partnership and partners.
Section 67.165 - Continuation of partnership beyond definite term or particular undertaking.
Section 67.200 - Transfer of whole or part of partner’s transferable interest.
Section 67.205 - Partner’s transferable interest subject to charging order.
Section 67.220 - Events causing partner’s dissociation.
Section 67.225 - Partner’s power to dissociate; wrongful dissociation.
Section 67.230 - Effect of partner’s dissociation.
Section 67.250 - Purchase of dissociated partner’s interest.
Section 67.255 - Dissociated partner’s power to bind and liability to partnership.
Section 67.260 - Dissociated partner’s liability to other persons.
Section 67.290 - Events causing dissolution and winding up of partnership business.
Section 67.295 - Partnership continues after dissolution.
Section 67.300 - Right to wind up partnership business.
Section 67.305 - Partner’s power to bind partnership after dissolution.
Section 67.310 - Partner’s liability to other partners after dissolution.
Section 67.315 - Settlement of accounts and contributions among partners.
Section 67.340 - Definitions for ORS 67.340 to 67.365.
Section 67.344 - Action on plan of conversion.
Section 67.346 - Articles and plan of conversion.
Section 67.348 - Effect of conversion; entity existence continues; assumed business name.
Section 67.362 - Action on plan of merger.
Section 67.364 - Articles and plan of merger.
Section 67.365 - Effect of merger.
Section 67.600 - Eligibility for registration as a limited liability partnership; required vote.
Section 67.606 - Cancellation of registration; effect.
Section 67.615 - Distributions to partners.
Section 67.625 - Limited liability partnership name.
Section 67.645 - Annual report; updates; rules.
Section 67.655 - Grounds for administrative revocation.
Section 67.660 - Procedure for and effect of administrative revocation.
Section 67.665 - Reinstatement following administrative revocation.
Section 67.670 - Appeal from denial of reinstatement.
Section 67.680 - Interstate application.
Section 67.700 - Authority to transact business.
Section 67.705 - Consequences of transacting business without authority.
Section 67.710 - Application for authority to transact business; effective date of authorization.
Section 67.715 - Amendment to application for authority.
Section 67.720 - Limitations applicable to foreign limited liability partnerships.
Section 67.730 - Name of foreign limited liability partnership.
Section 67.740 - Withdrawal of foreign limited liability partnership.
Section 67.750 - Grounds for revocation.
Section 67.755 - Procedure for and effect of revocation.