1 Answer
Dear Client,
The determination will largely depend upon the documents recording the title and the reason behind the acquisition of the property. Just because money from partnership was used to buy the property does not necessarily mean that the property is owned by the partnership. Also, the fact that the property is not part of the balance sheet of the partnership business cannot alone conclude the question of ownership. The question of whether the third party has the capacity to give away his property through the Will to any of the partners of the business will arise in case the property is registered in the name of the third party and the title was vested in him. But then in the event that it can be proven that the property was really bought for the partnership business, even though the title is in the name of the third party, then there could be a question of the property belonging to the partnership and not to the beneficiary under the Will.
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