A title examiner may presume that a deed executed by: (a) a partnership; (b) all the partners who held title in their own names; or (c) the personal representative of the last surviving partner after dissolution of the partnership, is valid if the deed indicates that the transfer was made in furtherance of the winding up of the partnership affairs.
Comment 1: For events causing a dissolution see, 11VSA §3271.
Comment 2: Dissociation is different from dissolution 11 VSA §3251.
Comment 3: A dissociation may result in a dissolution of the partnership. 11 VSA §3253.
Comment 4: Partners may generate a statement of dissolution 11 VSA §3257, but it is not required by statute.
History
September 2024: Standard added.