Winkin, Blikin and Nod are partners in Pitterpatter Paints, a retail paint busin
ID: 1203521 • Letter: W
Question
Winkin, Blikin and Nod are partners in Pitterpatter Paints, a retail paint business. Nod has a often made deliveries for the business with his 1975 Toyota truck. After he purchases a new truck he leaves the Toyota at the paint store where it is used by all the partners whenever they need to run an errand or make a delivery for the business. Partnership funds are used to pay for the gas and maintenance of the truck. This arrangement continues for 11 months at which time Nod decides he would like to give the truck to his daughter. Blikin objects, claiming the truck belongs to the partnership. Who does the truck belong to?
A. The partnership as an entity because it has been used to generate profits on behalf of the business.Explanation / Answer
C) NOD BECAUSE HE BOUGHT THE TRUCK WITH HIS MONEY AND NEVER INTENDED TO TRANSFER THE TRUCK TO PARTNERSHIP. THE RUPA HAS PRESUMES THAT A PROPERTY OR ASSET PURCHASED BY THE PARTNER IN HIS NAME AND WITH HIS MONEY IS NOT THE PARTNERSHIP PROPERTY.
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