50-73.18 - Liability for false statement in certificate. - Virginia Statutes

§ 50-73.18. Liability for false statement in certificate.

If any certificate filed pursuant to this chapter contains a false orinaccurate statement, one who suffers loss by reliance on the statement mayrecover damages for the loss from:

1. Any person who executes the certificate, or causes another to execute iton his behalf, and knew, and any general partner who knew or should haveknown, the statement to be false in any material respect at the time thecertificate was executed; and

2. Any general partner who thereafter knows or should have known that anyarrangement or other fact described in the certificate has changed, makingthe statement inaccurate in any material respect, if that general partner hadsufficient time to cancel or amend the certificate, or to file a petition forits cancellation or amendment under § 50-73.16 before the statement wasreasonably relied upon.

(1985, c. 607; 1987, c. 702.)