N.C. Gen. Stat. » Chapter 59
NC General Statutes

N.C. Gen. Stat. § 59-38 (2026)

Partnership property

✓ current as of July 2026
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(a) All property originally brought into the partnership stock or subsequently acquired by purchase or otherwise, on account of the partnership, is partnership property.

(b) Unless the contrary intention appears, property acquired with partnership funds is partnership property.

(c) Any estate in real property may be acquired in the partnership  name. Title so acquired can be conveyed only in the partnership name.

(d) 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. (1941, c. 374, s. 8.)

 

Part 3. Relations of Partners to Persons Dealing with the Partnership.
Notes of Decisions
Cited in 11 cases (3 in the last 5 years), 1982–2023 · leading case: Magers v. Thomas (In Re Vannoy), 176 B.R. 758 (Bankr. M.D.N.C. 1994).
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Magers v. Thomas (In Re Vannoy), 176 B.R. 758 (Bankr. M.D.N.C. 1994). · cites it 8× “The property in this case thereby was brought into the partnership and therefore is “partnership property” within the definition contained in subparagraph (a) of G.S. § 59-38. G.S. § 59 — 38(b) provides that property acquired with partnership funds is partnership property,…”
Potter v. Homestead Pres. Ass'n, 412 S.E.2d 1 (N.C. 1992). · cites it 3× “N.C.G.S. § 59-38(a), (b) (1989). Partnership property may be held and conveyed by fewer than all partners.”
Jones v. Shoji, 444 S.E.2d 203 (N.C. 1994). · cites it 5× “” N.C.G.S § 59-38(a) (1989). This principle holds true for property bought on account of a joint venture.”
Simmons v. Quick-Stop Food Mart, Inc., 296 S.E.2d 275 (N.C. 1982). · cites it 2× “” N.C. Gen. Stat. § 59-38 (a) (1975). Under North Carolina’s Uniform Partnership Act, title to real property owned by a partnership may be held either in the partnership name or in the name of some or all of the partners.”
Jones v. Shoji, 428 S.E.2d 865 (N.C. Ct. App. 1993). · cites it 2× “Here, the Church and the YMCA entered into a written contract in which each party agreed to pool their resources and assume certain responsibilities in furtherance of the mutual goal of establishing an after school day care program. In this joint venture case, the issue of…”
O'Neal v. Burley (N.C. Ct. App. 2023). · cites it 4× “Partnership property means “[a]ll property originally brought into the partnership stock or subsequently acquired by purchase or otherwise, on account of the partnership[.”
Morris Int'l, Inc. v. Packer, 2021 NCBC 13 (N.C. Bus. Ct. 2021). · cites it 3× “” N.C.G.S. § 59-38. Since the property that was allegedly converted was partnership property, only the partnership, not the individual partners, can assert the claim for conversion.”
Nallapaty v. Nallapati (E.D.N.C. 2022). · cites it 2× “Indeed, property purchased with partnership funds “is partnership property,” N.C. Gen. Stat. § 59-38 (b), and the utilization of corporate entities to hold partnership property does not defeat the presence of a partnership.”
Huguely v. Mraz, 652 S.E.2d 70 (N.C. Ct. App. 2007). · cites it 2× “2d at 6 (citing N.C. Gen. Stat. § 59-38 (a) (2005)). In the instant case, Plaintiff presented evidence tending to show an oral agreement and "'acts and declarations of the parties, warranting the inference that the parties understood that they were partners and acted as such.”
Edmondson v. Am. Motorcycle Ass'n, Inc., 54 F. Supp. 2d 544 (W.D.N.C. 1999). · cites it 2× “Section 59-38(a) of the UPA provides: “All property originally brought into the partnership stock or subsequently acquired by purchase or otherwise, on account of the partnership, is partnership property.”
Simmons v. Quick Stop Food Mart, Inc., 286 S.E.2d 807 (N.C. Ct. App. 1982). “” G.S. 59-38(a). Partners’ interests in partnership property has been described as a “tenancy in partnership.”
— N.C. Gen. Stat. § 59-38(a) — 5 cases
Potter v. Homestead Pres. Ass'n, 412 S.E.2d 1 (N.C. 1992). “N.C.G.S. § 59-38(a), (b) (1989). Partnership property may be held and conveyed by fewer than all partners.”
Jones v. Shoji, 444 S.E.2d 203 (N.C. 1994). “” N.C.G.S § 59-38(a) (1989). This principle holds true for property bought on account of a joint venture.”
Magers v. Thomas (In Re Vannoy), 176 B.R. 758 (Bankr. M.D.N.C. 1994). “The property in this case thereby was brought into the partnership and therefore is “partnership property” within the definition contained in subparagraph (a) of G.S. § 59-38. G.S. § 59 — 38(b) provides that property acquired with partnership funds is partnership property,…”
Edmondson v. Am. Motorcycle Ass'n, Inc., 54 F. Supp. 2d 544 (W.D.N.C. 1999). “Section 59-38(a) of the UPA provides: “All property originally brought into the partnership stock or subsequently acquired by purchase or otherwise, on account of the partnership, is partnership property.”
Simmons v. Quick Stop Food Mart, Inc., 286 S.E.2d 807 (N.C. Ct. App. 1982). “” G.S. 59-38(a). Partners’ interests in partnership property has been described as a “tenancy in partnership.”
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