Partnership Law Act 2019

Relationship of partners to third persons and to each other - Relationship of partners to one another

37: Partnership land

You could also call this:

"How partners share and use land owned by their partnership"

When a partnership owns land, the legal ownership of that land follows the usual rules of property law. However, the partners hold this land in trust for the benefit of the partnership. This means that even though the land might be officially owned by one or more partners, it's actually for the benefit of all partners as outlined in sections 36 and 38 of this law. This arrangement ensures that the land is used for the partnership's purposes, regardless of who officially owns it.

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This page was last updated on 13 May 2025

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS206034.

Topics:

Housing and property > Land useBusiness > Industry rules

36: Partnership property, or

"Stuff that belongs to your partnership and how to use it"

38: Co-owners of land who purchase other land out of profits, or

"Land owners who buy more land with shared profits own it together"

Part 3Relationship of partners to third persons and to each other
Relationship of partners to one another

37Partnership land

Despite section 36, the legal estate or interest in any land that belongs to the partnership devolves according to the nature and tenure of the estate or interest and the general rules of law that apply, but in trust (to the extent that is necessary) for the persons beneficially interested in the land under that section or section 38.

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1908 No 139 s 23(2)