Ch. 654

1997 LAWS OF MARYLAND

PROPERTY AND THAT THE PERSON WHO EXECUTED THE INSTRUMENT OF INITIAL
TRANSFER LACKED AUTHORITY TO BIND THE PARTNERSHIP.

(C)     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 (B), FROM ANY
EARLIER TRANSFEREE OF THE PROPERTY, PROVIDED THAT THE SUBSEQUENT
TRANSFEREE CLAIMS BY, THROUGH OR UNDER THAT EARLIER TRANSFEREE.

(D)     IF A PERSON HOLDS ALL OF THE PARTNERS' INTERESTS IN THE
PARTNERSHIP, ALL OF 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.

9-303. STATEMENT OF PARTNERSHIP AUTHORITY.

(A)     A PARTNERSHIP MAY FILE A STATEMENT OF PARTNERSHIP AUTHORITY,
WHICH:

(1)      MUST INCLUDE:

(I)      THE NAME OF THE PARTNERSHIP;

(II)     THE STREET ADDRESS OF ITS CHIEF EXECUTIVE OFFICE AND,
IF THERE IS ONE, OF ONE OFFICE IN THIS STATE; AND

(III)    THE NAMES OF THE PARTNERS AUTHORIZED TO EXECUTE AN
INSTRUMENT TRANSFERRING REAL PROPERTY HELD IN THE NAME OF THE
PARTNERSHIP; AND

(2)      MAY STATE THE AUTHORITY, OR LIMITATIONS ON THE AUTHORITY,
OF SOME OR ALL OF THE PARTNERS TO ENTER INTO OTHER TRANSACTIONS ON
BEHALF OF THE PARTNERSHIP AND ANY OTHER MATTER.

(B)     IF A FILED STATEMENT OF PARTNERSHIP AUTHORITY IS EXECUTED
PURSUANT TO § 9-105(C) OF THIS TITLE AND STATES THE NAME OF THE
PARTNERSHIP BUT DOES NOT CONTAIN ALL OF THE OTHER INFORMATION
REQUIRED BY SUBSECTION (A), THE STATEMENT NEVERTHELESS OPERATES WITH
RESPECT TO A PERSON NOT A PARTNER AS PROVIDED IN SUBSECTIONS (C) AND (D)
OF THIS SECTION.

(C)     EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION (F), A GRANT OF
AUTHORITY CONTAINED IN A FILED STATEMENT OF PARTNERSHIP AUTHORITY IS
CONCLUSIVE IN FAVOR OF A PERSON WHO GIVES VALUE WITHOUT KNOWLEDGE TO
THE CONTRARY, SO LONG AS AND TO THE EXTENT THAT A LIMITATION ON THAT
AUTHORITY IS NOT THEN CONTAINED IN ANOTHER FILED STATEMENT. A FILED
CANCELLATION OF A LIMITATION ON AUTHORITY REVIVES THE PREVIOUS GRANT
OF AUTHORITY.

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