56-1a157. Liability for false statement in certificate. - Kansas Statutes

56-1a157

Chapter 56.--PARTNERSHIPS Part 2.--FORMATION OF LIMITED PARTNERSHIP Article 1a.--REVISED UNIFORM LIMITED PARTNERSHIP ACT

      56-1a157.   Liability for false statement in certificate.(a) If any certificate of limited partnership or certificateof amendment or cancellation contains a materially false statement, onewho suffers loss by reliance on the statement may recover damages for the loss from:

      (1)   Any person who executes the certificate, or causes another to executeit on the person's behalf, and who knew, and any general partner who knewor should have known, the statement to be false in any material respectat the time the certificate was executed; and

      (2)   any general partner who, after the certificate was executed, knowsor should have known that any arrangement or other fact described in thecertificate has changed, making the statement inaccurate in any materialrespect, if that general partner had sufficient time to amend or cancelthe certificate, or to file a petition for its amendment or cancellation,before the statement was reasonably relied upon.

      (b)   No person shall have any liability for failing to cause the amendmentor cancellation of a certificate to be filed or failing to file petitionfor its amendment or cancellation pursuant to subsection (a) if the certificateof amendment, certificate of cancellation or petition is filed within 30days of when that person knew or should have known that the statement inthe certificate was inaccurate in any material respect.

      History:   L. 1983, ch. 88, § 14; July 1.