§ 8419. Liability of general partner or other person for false or missing information in filed document.

332 words·~2 min read·/pa/title-15/chapter-84/8419

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(a)General rule.-- If a document delivered to the department for filing under this title and filed by the department contains a materially false statement or fails to state a material fact required to be stated, a person that suffers loss by reasonable reliance on the statement or failure to state a material fact may recover damages for the loss from:

(1)a person that signed the document or caused another to sign it on the person's behalf and knew there was false or missing information in the document at the time it was signed; and

(2)subject to subsection (b), a partner if:

(i)the document was delivered for filing on behalf of the partnership; and

(ii)the partner knew or had notice there was false or missing information for a reasonably sufficient time before the document was relied upon so that, before the reliance, the partner reasonably could have:

(A)filed a petition under section 144 (relating to signing and filing pursuant to judicial order); or

(B)delivered to the department for filing a statement of correction under section 138 (relating to statement of correction) or a statement of abandonment under section 141 (relating to abandonment of filing before effectiveness).

(b)Partner relieved of responsibility.-- To the extent the partnership agreement expressly relieves a partner of responsibility for maintaining the accuracy of information contained in records delivered on behalf of the partnership to the department for filing under this title and imposes that responsibility on one or more other partners, the liability stated in subsection (a)(2) applies to those other partners and not to the partner that the partnership agreement relieves of the responsibility.

(c)Cross reference.-- See section 143 (relating to liability for inaccurate information in filing).

15c8421h

SUBCHAPTER B

NATURE OF PARTNERSHIP

Sec.

8421. Partnership as entity.

8422. Formation of partnership.

8423. Partnership property.

8424. When property is partnership property.

15c8421s