50-73.57:1 - Liability for false statement in application - Virginia Statutes

§ 50-73.57:1. Liability for false statement in application.

If any application for registration filed pursuant to this article contains afalse or inaccurate statement, one who suffers loss by reliance on thestatement may recover damages for the loss from:

1. Any person who executes the application, 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 theapplication was executed; and

2. Any general partner who thereafter knows or should have known that anyarrangement or other fact described in the application has changed, makingthe statement inaccurate in any material respect, if that general partner hadsufficient time to cancel or amend the application before the statement wasreasonably relied upon.

(1990, c. 343.)