§ 8624. Liability of general partner for false or missing information in filed document.

240 words·~1 min read·/pa/title-15/chapter-86/8624

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

(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 a general partner if:

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

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

(i)effected an amendment under section 8622 (relating to amendment or restatement of certificate of limited partnership);

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

(iii)delivered to the department for filing:

(A)a certificate of change of registered office under section 8625 (relating to registered office);

(B)a statement of correction under section 138 (relating to statement of correction); or

(C)a statement of abandonment under section 141 (relating to abandonment of filing before effectiveness).

(b)Cross references.-- See sections 142 (relating to effect of signing filings) and 143 (relating to liability for inaccurate information in filing).

15c8625s