362.427 Liability for false statement in certificate.

143 words·~1 min read·/ky/chapter-362/362-427

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

If a certificate of limited partnership, certificate of amendment or certificate of cancellation contains a false statement, a person who suffers loss by reliance on that statement may recover damages for the loss from:

(1)Any person who executed the certificate, or caused another to execute it on his

behalf, and knew, and any general partner who knew or should have known, the

statement to be false at the time the certificate was executed; and

(2)Any general partner who thereafter knows or should have known that any

arrangement or other fact described in the certificate has changed, making the

statement inaccurate in any material respect, within a sufficient time before the

statement was relied upon reasonably to have enabled that general partner to cancel

or amend the certificate or to file a petition for its cancellation or amendment

pursuant to KRS 362.423.