Delaware § 17-207 Liability for false statement

Delaware Statutes

§ 17-207 — Liability for false statement

Delaware·Title 6·Ch. 17 LIMITED PARTNERSHIPS·Subch. Formation; Certificate of Limited Partnership

(a)If any certificate authorized to be filed under this chapter contains a materially false statement, one who suffers loss by reasonable reliance on the statement may recover damages for the loss from:

(1)Any general partner who executes the certificate and 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 that filed the certificate, who thereafter knows that any arrangement or other fact described in the certificate is false in any material respect or has changed, making the statement false in any material respect, if that general partner had sufficient time to amend, correct or cancel the certificate, or to file a petition for its amendment, correction or cancellation, before the statemen

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(a) If any certificate authorized to be filed under this chapter contains a materially false statement, one who suffers loss by reasonable reliance on the statement may recover damages for the loss from:

(1) Any general partner who executes the certificate and 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 that filed the certificate, who thereafter knows that any arrangement or other fact described in the certificate is false in any material respect or has changed, making the statement false in any material respect, if that general partner had sufficient time to amend, correct or cancel the certificate, or to file a petition for its amendment, correction or cancellation, before the statement was reasonably relied upon.

(b) No general partner shall have any liability for failing to cause the amendment, correction or cancellation of a certificate to be filed or failing to file a petition for its amendment, correction or cancellation pursuant to subsection (a) of this section if the certificate of amendment, certificate of correction, certificate of cancellation or petition is filed within 90 days of when that general partner knew or should have known to the extent provided in subsection (a) of this section that the statement in the certificate was false in any material respect.

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Legislative History

6 Del. C. 1953, § 1706; 59 Del. Laws, c. 105, § 1 ; 63 Del. Laws, c. 420, § 1 ; 65 Del. Laws, c. 188, § 1 ; 69 Del. Laws, c. 258, §§ 13-15 ; 70 Del. Laws, c. 78, § 15 ; 70 Del. Laws, c. 362, § 7 ; 71 Del. Laws, c. 78, § 13 ; 74 Del. Laws, c. 104, § 12 ; 76 Del. Laws, c. 104, § 17 ; 82 Del. Laws, c. 46, § 11