§ 36C-10-1011. Interest as general partner. - North Carolina Statutes

§ 36C‑10‑1011. Interest as general partner.

(a)        Except as otherwiseprovided in subsection (c) of this section or unless personal liability isimposed in the contract, a trustee who holds, in a fiduciary capacity, aninterest as a general partner in a general or limited partnership is notpersonally liable on a contract entered into by the partnership if thefiduciary capacity was disclosed. The addition of the phrase"trustee" or "as trustee" or a similar designation to thesignature of a trustee on a written partnership document is considered primafacie evidence of a disclosure of fiduciary capacity.

(b)        A trustee whoholds, in a fiduciary capacity, an interest as a general partner is notpersonally liable for torts committed by the partnership or for obligationsarising from ownership or control of the interest unless the trustee ispersonally at fault. This subsection does not apply to additional ownershipinterests of the trustee held in a nonfiduciary capacity.

(c)        If the settlortransfers an existing general partnership interest to a revocable trust, thesettlor remains personally liable for partnership obligations as if the settlorwere a general partner. (2005‑192, s. 2.)