(1) 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 a Uniform Partnership Act or Uniform Limited Partnership Act.
(2) 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.
(3) 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.
History.—s. 10, ch. 2006-217.
Structure Florida Statutes
Title XLII - Estates and Trusts
Chapter 736 - Florida Trust Code
Part X - Liability of Trustee and Rights of Persons Dealing With Trustee (Ss. 736.1001-736.1018)
736.1001 - Remedies for breach of trust.
736.1002 - Damages for breach of trust.
736.1003 - Damages in absence of breach.
736.1004 - Attorney’s fees and costs.
736.1005 - Attorney fees for services to the trust.
736.1006 - Costs in trust proceedings.
736.1007 - Trustee’s attorney fees.
736.1008 - Limitations on proceedings against trustees.
736.1009 - Reliance on trust instrument.
736.1010 - Event affecting administration or distribution.
736.1011 - Exculpation of trustee.
736.1012 - Beneficiary’s consent, release, or ratification.
736.1013 - Limitation on personal liability of trustee.
736.1014 - Limitations on actions against certain trusts.
736.1015 - Interest as general partner.
736.1016 - Protection of person dealing with trustee.
736.1017 - Certification of trust.
736.1018 - Improper distribution or payment; liability of distributee.