456.10-1011. Interest as general partner. - Missouri Statutes

Interest as general partner.

456.10-1011. 1. Except as otherwise provided in subsection 3 of thissection or unless personal liability is imposed in the contract, a trusteewho holds an interest as a general partner in a general or limitedpartnership is not personally liable on a contract entered into by thepartnership after the trust's acquisition of the interest if the fiduciarycapacity was disclosed in the contract or in a statement previously filedwith the secretary of state of this state.

2. Except as otherwise provided in subsection 3 of this section, atrustee who holds an interest as a general partner is not personally liablefor torts committed by the partnership or for obligations arising fromownership or control of the interest unless the trustee is personally atfault.

3. The immunity provided by this section does not apply if aninterest in the partnership is held by the trustee in a capacity other thanthat of trustee or is held by the trustee's spouse or one or more of thetrustee's descendants, siblings, or parents, or the spouse of any of them.

4. If the trustee of a revocable trust holds an interest as a generalpartner, the settlor is personally liable for contracts and otherobligations of the partnership as if the settlor were a general partner.

(L. 2004 H.B. 1511)

Effective 1-01-05