N.Y. Laws » CHAPTER Partnership / ARTICLE Nature of a Partnership
New York Consolidated Laws

N.Y. Partnership Law § 12 (2026)

Partnership property

✓ text as retrieved May 2026 (this copy records no edition or section history)
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§ 12. Partnership property.  1. All property originally brought into
the partnership stock or subsequently acquired, by purchase or
otherwise, on account of the partnership is partnership property.
  2. Unless the contrary intention appears, property acquired with
partnership funds is partnership property.
  3. Any estate in real property may be acquired in the partnership
name. Title so acquired can be conveyed only in the partnership name.
  4. 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.
Notes of Decisions
Cited in 3 cases (1 in the last 5 years), 1999–2023 · leading case: Cassirer v. Herskowitz (In re Schick), 234 B.R. 337 (Bankr. S.D.N.Y. 1999).
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Cassirer v. Herskowitz (In re Schick), 234 B.R. 337 (Bankr. S.D.N.Y. 1999). “Second, although Schick had physical control of the accounts and could use the funds for partnership purposes, he could not use the funds, absent an agreement with the partnership, to pay his personal expenses.”
Mayerson v. DeBuono, 181 Misc. 2d 55 (N.Y. Sup. Ct. 1999). “Mayerson would be entitled to a share of it (see, Partnership Law § 12 [1] [“All property originally brought into the partnership stock or subsequently acquired * * * is partnership property”]; see also, Partnership Law §40 [1] [“Each partner shall * * * share equally in the…”
Kiehl v. Cavicchio (N.Y. Sup. Ct. 2023). · cites it 3× “39, *18 [citing Partnership Law § 12]). He contends that the parties' alleged joint venture agreement — which includes the agreement to acquire real property — is not subject to the statute of frauds (NYSCEF Doc.”
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