Magoffin County Quitclaim Deed (Partnership or Limited Partnership Grantor) Form

Two general partnership statutes have run side by side in Kentucky since 2007, and which one governs a firm decides which partner may sign for it. This fillable Kentucky quitclaim deed names one partnership or limited partnership as the only grantor, records the capacity of the partner who signs, and releases the entity's interest without a covenant of title.

Two partnership acts, one signature line

The Kentucky Revised Uniform Partnership Act (2006) governs general partnerships formed on or after July 12, 2006 and earlier firms electing into it under KRS 362.1-974. A firm formed earlier that never elected stays under KRS 362.150 to KRS 362.360, whose repeal was itself repealed in 2007. Each act carries its own conveyancing section: KRS 362.1-302, under which partnership property held in the name of the partnership may be transferred by an instrument executed by a partner in the partnership name, and KRS 362.195, headed conveyance of real property of the partnership. Section 1 takes the entity type, because the type points to the governing act, and Section 2 takes the signer with the capacity.

A limited partnership signs through a general partner

KRS 362.2-402 makes each general partner an agent of the limited partnership for the purposes of its activities, while KRS 362.2-302 addresses the limited partner, who has no right or power as a limited partner to bind the entity. The capacity entry is where that distinction lands: general partner for a limited partnership, partner for a general partnership.

The exemption a partnership does not have

KRS 142.050 charges the grantor fifty cents for each five hundred dollars of value, and KRS 382.260 holds a deed out of the record until the clerk collects it. Three subsections reach entity transfers, and two carry conditions. KRS 142.050(7)(k) covers a transfer between a person and a partnership or limited partnership, but only to the extent of the transferor's proportionate interest in the entity receiving the property, and only for nominal consideration. KRS 142.050(7)(m) covers a transfer by such an entity to a person as its owner, but only upon dissolution, on the same terms. KRS 142.050(7)(h) covers a merger, consolidation, or conversion. Outside those conditions a partnership's deed to a partner stays taxable, and a sale to an outside buyer is taxed on the figure certified in Section 9.

Why no spouse signs

Kentucky still keeps dower and curtesy, and KRS 392.020 reaches real estate of which a deceased spouse was seized. The partnership statutes answer it from the inside: KRS 362.270 provides that a partner's right in specific partnership property is not subject to dower, curtesy, or allowances to widows, widowers, heirs, or next of kin. No marital status entry and no joinder block appear on this deed.

What the form recites, and what it is not set up for

The deed recites one grantor, with its entity type, jurisdiction of organization, and mailing address, plus an entry for the name in which title stands of record where an older firm name sits in the deed book; one individual signing in the entity's name; and one or more grantees with a co-ownership designation entry. Three people sign: the partner executes the deed with the sworn KRS 382.135 certificate, the grantee signs that certificate alone, and the drafter signs the Section 11 endorsement. A family limited partnership deeding a tract to one partner as it winds up, and a firm releasing an interest recorded in an earlier firm name, present the patterns this deed recites. It is not set up for two entities on the granting side, for a person conveying individually, or for a firm whose agreement calls for two signatures.

No covenants, and the clerk's own list

Kentucky reads title covenants out of statutory words, and this deed prints neither: with warranty under KRS 382.030, with special warranty under KRS 382.040. Its own text says as much, so mortgages, liens, easements, and chain gaps ride through untouched. The remaining entries answer the intake statutes: the source of title under KRS 382.110, names and addresses with the in care of tax bill address under KRS 382.135, a parcel identification entry, an unpaid consideration line KRS 382.070 gives effect to, and the signed preparer endorsement KRS 382.335 makes a condition of recording.

Sometimes searched as a partnership quit claim deed, this download delivers the fillable deed, a completed Scott County example, and a plain language guide covering the entity entries, the signing statutes, and recording. The materials are informational and are not legal advice.