Land bought by co-owners out of profits from land—other than incorporated limited partnerships
25 Land bought by co-owners out of profits from land—other than incorporated limited partnerships
If co-owners of an estate or interest in land, not being an estate or interest which is partnership property—
are partners as to profits made by the use of the estate or interest or of the land; and
purchase out of the profits another estate or interest in land to be used in like manner;
the estate or interest so purchased belongs to them, in the absence of an agreement to the contrary, not as partners but as co-owners for the same respective estates or interests as are held by them, at the date of the purchase, in the firstmentioned estate or interest.
This section does not apply in relation to an incorporated limited partnership.
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