§ 7790.1. Interest as general partner - UTC 1011.
(a) Contractual liability.--Except as otherwise provided in subsection (c) or unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership after the trust's acquisition of the interest if the fiduciary capacity was disclosed in the contract or in a statement previously filed pursuant to 15 Pa.C.S. Ch. 83 (relating to general partnerships) or 85 (relating to limited partnerships).
(b) Tortious liability.--Except as otherwise provided in subsection (c), a trustee who holds an interest as a general partner is not personally liable for torts committed by the partnership or for obligations arising from ownership or control of the interest unless the trustee is personally at fault.
(c) When immunity inapplicable.--The immunity provided by this section does not apply if an interest in the partnership is held by:
(1) the trustee in a capacity other than that of trustee;
(2) the trustee's spouse; or
(3) the trustee's descendant, sibling or parent or the spouse of a descendant, sibling or parent.
(d) Personal liability of settlor.--If the trustee of a revocable trust holds an interest as a general partner, the settlor is personally liable for contracts and other obligations of the partnership as if the settlor were a general partner.
Cross References. Section 7790.1 is referred to in section 7705 of this title.
Section: Previous 7784 7785 7786 7787 7788 7789 7790 7790.1 7790.2 7790.3 7791 7792 7793 7794 7795 NextLast modified: October 8, 2016