56-1a157. Liability for false statement in certificate. (a) If any certificate of limited partnership or certificate of amendment or cancellation contains a materially false statement, one who suffers loss by reliance on the statement may recover damages for the loss from:
(1) Any person who executes the certificate, or causes another to execute it on the person's behalf, and who knew, and any general partner who knew or should have known, the statement to be false in any material respect at the time the certificate was executed; and
(2) any general partner who, after the certificate was executed, knows or should have known that any arrangement or other fact described in the certificate has changed, making the statement inaccurate in any material respect, if that general partner had sufficient time to amend or cancel the certificate, or to file a petition for its amendment or cancellation, before the statement was reasonably relied upon.
(b) No person shall have any liability for failing to cause the amendment or cancellation of a certificate to be filed or failing to file petition for its amendment or cancellation pursuant to subsection (a) if the certificate of amendment, certificate of cancellation or petition is filed within 30 days of when that person knew or should have known that the statement in the certificate was inaccurate in any material respect.
History: L. 1983, ch. 88, ยง 14; July 1.
Structure Kansas Statutes
Article 1a - Revised Uniform Limited Partnership Act
56-1a,107 Business transactions of partner with the partnership. [See Revisor's Note]
56-1a,151 Certificate of limited partnership.
56-1a,153 Cancellation of certificate.
56-1a,157 Liability for false statement in certificate.
56-1a,158 Notice of limited partnership.
56-1a,159 Delivery of certificate to limited partners.
56-1a,160 Restated or amended and restated certificate of limited partnership.
56-1a,201 Admission of additional limited partners.
56-1a,203 Liability of limited partners to third parties.
56-1a,204 Person erroneously believing self to be limited partner.
56-1a,205 Limited partner's right to information.
56-1a,251 Admission of additional general partners.
56-1a,252 Cessation of person as general partner, when.
56-1a,253 General partners' powers and liabilities.
56-1a,254 Contributions by general partners.
56-1a,301 Form of contribution.
56-1a,302 Liability for contributions.
56-1a,303 Allocation of profits and losses.
56-1a,304 Allocation of distributions of cash or other assets.
56-1a,351 Interim distributions.
56-1a,352 Withdrawal of general partner.
56-1a,353 Withdrawal of limited partner.
56-1a,354 Distribution upon withdrawal.
56-1a,355 Distribution in kind.
56-1a,356 Right to distribution.
56-1a,357 Limitations on distributions.
56-1a,358 Liability upon return of contribution.
56-1a,401 Nature of partnership interest.
56-1a,402 Assignment of partnership interest.
56-1a,403 Rights of creditors.
56-1a,404 Right of assignee to become limited partner.
56-1a,405 Power of estate of deceased or incompetent partner.
56-1a,452 Judicial dissolution.
56-1a,454 Distribution of assets.
56-1a,507 Doing business without registration.
56-1a,509 Execution and liability.
56-1a,601 Construction and application.
56-1a,604 Rules for cases not provided for in this act.
56-1a,606 Domestic limited partnerships; annual report; annual report fee. [See Revisor's Note]
56-1a,607 Foreign limited partnerships; annual report; annual report fee. [See Revisor's Note]
56-1a,608 Limited partnerships; first annual report and annual report fee.