8516 - Liability for false statement in certificate. - Pennsylvania Statutes

§ 8516. Liability for false statement in certificate. (a) General rule.--If any certificate of limited partnership or certificate of amendment or cancellation contains a materially false statement or fails to state a material fact required to be stated therein, one who suffers loss by reasonable reliance on the statement or failure to state a material fact may recover damages for the loss from: (1) any person who executes the certificate, or causes another to execute it on his behalf, and knew, and any general partner who knew or should have known, the certificate to be inaccurate in any material respect 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 certificate inaccurate in any material respect within a sufficient time before the certificate was relied upon reasonably to have enabled that general partner to cancel or amend the certificate, or to file an application for its cancellation or amendment under section 8515 (relating to execution by judicial act). (b) Cross reference.--See section 8511(d) (relating to transitional provision). (Dec. 19, 1990, P.L.834, No.198, eff. imd.) Cross References. Section 8516 is referred to in sections 8512, 8564 of this title.