Section 10-207 - Liability for false statement in certificate. - Maryland Statutes

§ 10-207. Liability for false statement in certificate.
 

(a)  Reliance on false statement.- If any certificate contains a false statement, one who 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 execute it on that person's 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, if that general partner had sufficient time to amend or cancel the certificate or to file a petition under § 10-205 of this subtitle before the statement was relied upon. 

(b)  No liability if timely correction.- A person is not liable for failing to cause the amendment or cancellation of a certificate or failing to file a petition under § 10-205 of this subtitle pursuant to subsection (a) of this section if the certificate of amendment, certificate of cancellation, or petition is filed within 30 days of when that person knew or should have known that the statement in the certificate was inaccurate in any material respect. 
 

[1981, ch. 801, § 2; 2007, ch. 5, § 7.]