(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. References in Text. Chapters 83 and 85 of Title 15 (Corporations and Unincorporated Associations), referred to in subsec. (a), were repealed November 21, 2016, P.L.1328, No.170, effective in 90 days. The subject matter can now be found in Chapters 84 and 86, respectively, in Title 15.
‹ Prev All Pennsylvania sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.